New York developer pays $31.3 million for apartment complex

TAMPA—For the second time in recent weeks, a Brooklyn-based commercial real estate company has bought an apartment complex near the University of South Florida.

This time it’s NorthEnd Equities buying Boardwalk at Morris Bridge for $31.3 million.

The 146-unit complex was built in 2001 and sits at 8800 Boardwalk Trail Drive, about four miles from USF’s Tampa campus. The complex previously advertised itself as student living facility but, on its website, says it no longer is.

Michael Regan, executive vice president of the real estate firm CBRE, says in a statement announcing the sale that the complex “faced challenges due to new student housing competition built closer” to the campus.

NorthEnd, according to its website, already owns seven apartment complexes in the state, including The Reserve at Brandon in Brandon, Hanley Place in Tampa, Park Place Apartments in Fort Myers and Reserve at Lakeland in Lakeland.

Last month, the St. Moritz Apartments, a complex made up of townhouse units about a mile from the campus, sold to TG Realty in Brooklyn for $26.75 million.