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TAMPA — The Praedium Group parted ways with a 432-unit apartment complex in Tampa's Carrollwood area, selling 32% above its purchase price just four years ago.
BRE Piper MF Carrollwood FL LLC, an affiliate of the Blackstone Group, closed on Sabal Palm at Carrollwood on Feb. 27 for $51.5 million, or $119,200 per unit, according to Hillsborough County property records. Praedium's TPF VII REIT originally purchased the complex through its Sabal Palm Carrollwood Associates LLC, located at 3602 Carrollwood Place Circle, for $39 million, or $90,200 per unit, in 2011.
The New York-based Praedium used its real estate private equity fund to purchase 132 properties for $2.2 billion beginning in 2007, according to its website, including Sabal Palm. The company focuses on underperforming and undervalued assets in the country, and has invested $9.3 billion in capital since 1991.
Blackstone's BRE Piper affiliate will take over the original $27 million mortgage Praedium had with Wells Fargo, and after consolidation of other fees and increased principal, will now carry a $41.9 million note on the property.
Rents at Sabal Palm topped out at a little less than 95 cents per square foot based on average floor plan prices, according to the community's website.
Praedium still has a significant presence in the Tampa Bay area as a buyer, picking up Lincoln Shores Apartments in St. Petersburg last August for $74,800 per unit, and Verandahs of Brighton Bay in St. Petersburg last November for $132,000 per unit.
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