Boston pension fund buys Turnbury Park Apartments

BUYER: Fund IX - Turnbury Park LLC (TA Associates Realty), Boston

SELLER: Turnbury Park Apartments - EP320 LLC, Turnbury Park Apartments - Hale LLC and Turnbury Park Apartments - BC LLC

PROPERTY: 6104 Turnbury Park Drive, Sarasota

PRICE: $27.7 million

PREVIOUS PRICE: $23.74 million, December 2008

LAW FIRM ON DEED: Stutzman Bromberg Esserman & Plifka PC, Dallas

PLANS, DESCRIPTION: Realty Associates Advisors purchased the 286-unit Turnbury Park Apartments for $27.7 million.

The price equated to $96,678 per unit.

Realty Associates Advisors is a teachers pension fund managed by Boston-based real estate investment firm TA Associates.

The apartment complex was 97% occupied at the time of the purchase. It has 114 one-bedroom units, 136 two-bedroom units and 36 three-bedroom units. The Class-A complex includes tennis courts, a large clubhouse and a 24-hour fitness center. The fund is a long-term holder of real estate.

Michael Stockton of Horizon Mortgage Corp. handled the transaction.

“Multifamily is one of the few product types where financing is still available,” Stockton says. “You can still get good terms from Freddie and Fannie.”

The pension fund owns a number of high-end Gulf Coast apartment and office properties. It recently purchased the Gateway office complex in Sarasota for $55 million; 210 Watermark apartments in Bradenton for $21 million; Summer Cover Apartments in Sarasota for $19 million; The Polo's At Brandon apartment community for $12 million; and Allstate office buildings in St. Petersburg for $36 million.

The seller, Montgomery, Ala.-based B&M Management, will continue to manage the property.