Investment fund buys Country Place

BUYER: Clearwater Multifamily Partners LLC (Covenant Capital Group LLC), Nashville, Tenn.

SELLER: Country Place Owner LLC

PROPERTY: 2690 Enterprise Road E., Clearwater

PRICE: $13.8 million

PREVIOUS PRICE: $17.75 million, January 2005

LAW FIRM ON DEED: Waller Lansden Dortch & Davis LLP, Nashville, Tenn.

PLANS, DESCRIPTION: An investment fund purchased the 188-unit Country Place Village Apartments for $13.8 million.

The price equated to $73,404 per unit.

The buyer, Covenant Apartment Fund VI, is a $140-million fund managed and affiliated with Nashville, Tenn.-based Covenant Capital Group. The Clearwater apartment complex is the fund's 11th purchase.

BH Management Services Inc. will manage the property.

Country Place Village features a fitness center, a laundry facility, a clubhouse and two swimming pools with heated Jacuzzis.

The buyer assumed an existing $8.76-million mortgage provided by Freddie Mac.

Founded in 2001, Covenant Capital Group is a real estate private-equity firm specializing in acquiring and redeveloping apartment communities. The company manages assets of more than $355 million from institutional and high net worth investors.