Gainesville's Collier Cos. buys Camden Lakeside apartments

BUYER: Collier Brandon LLC (manager: Nathan Collier), Gainesville
SELLER: Camden Operating LP
PROPERTY: 529 S. Parsons Ave., Brandon
PRICE: $22.35 million
PREVIOUS PRICE: $898,200, March 1985

PLANS, DESCRIPTION:
Gainesville-based apartment company The Collier Cos. purchased the 228-unit Camden Lakeside apartments in Brandon for $22.35 million.

The price equated to $98,026 per unit. That figure is higher than the average price per square foot for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The development features 15 residential buildings and a clubhouse on a 21.94-acre parcel. Camden Lakeside, which was previously known as the Parson's Run Apartments, was built in 1985. Amenities include a fitness center, lakeside pool, laundry center, lighted tennis and other sports courts and a business center.

The property's occupancy was in the mid-90% range at the time of the sale.

“It's a beautiful property in a very nice neighborhood,” says Nathan Collier, the firm's founder and chairman. “We are delighted to be able to expand our holdings in the Tampa area.”

The community is now known as Lakeside Apartments.

The Collier Cos. owns a number of student housing rental properties and recently started moving into market rate rental housing in the Tampa Bay and Orlando areas. Its Tampa portfolio includes the St. Croix, Lakeview Oaks and Reflections. The company is also currently developing a new student housing property on the former Sunset Square Apartments site at 12708 Bruce B. Downs Blvd., Tampa.

The purchase entity, Collier Brandon LLC, mortgaged the property to Grandbridge Real Estate Capital LLC for $17.88 million.