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Lender Elliott Management takes ownership of Carlyle at Waters


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  • | 10:00 a.m. February 27, 2015
  • Commercial Real Estate
  • Tampa Bay–Lakeland
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BUYER: Garros Carlyle LLC (officers: Neil Barve and Masako Irie), New York City
SELLER: Carlyle I LP (92% interest) and Carlyle II LLC (8%)
PROPERTY: 8415 N. Armenia Ave., Tampa
PRICE: $26.19 (mortgage debit)
PREVIOUS PRICE: $28.8 million, June 2006
LAW FIRM ON DEED: Frost Brown Todd LLC, Louisville, Ken.

PLANS, DESCRIPTION:
Elliott Management Corp. acquired the 392-unit Carlyle at Waters apartment complex in exchange for $26.19 million in mortgage debit.

Located between Armenia and Waterford avenues, the 12.67-acre parcel has 12 residential buildings, a clubhouse and two lakes. Built in 1985, the development features three swimming pools, a lakefront boardwalk and a fitness center.

The New York City-based hedge fund company acquired the property in exchange for the remaining principal of mortgage debit owed by the sellers, affiliates of Barfield Bay Holdings Inc.

Elliott Management declined to comment on the purchase.

While the $66,822 per unit acquisition price is still below the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group, the property is in need of physical improvements. It has faced several building code violations, including for structural problems.

The lender plans to undertake a significant capital improvement program, according to Franklin Street Management, which manages the property.

 

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