Harbor Group International buys Sienna Bay Apartments

BUYER: Sienna Bay Gardens Associates LP (principal: Jordan Slone), St. Petersburg

SELLER: DT Sienna Bay LLC

PROPERTY: 10501 and 10601 Third St. N., St. Petersburg

PRICE: $19.5 million

PREVIOUS PRICE: $16.85 million, March 2010

LAW FIRM ON DEED: Kaufman & Canoles PC, Virginia Beach, Va.

PLANS, DESCRIPTION: An affiliate of Norfolk, Va.-based Harbor Group International LLC purchased the 276-unit Sienna Bay Apartments for $19.5 million.

The price equated to $70,652 per unit.

Built in two phases in 1974 and 1986, the Sienna Bay Apartments features two- and three-bedroom units with an average size of 946 square feet. The property features lakes, a clubhouse, fitness center, two swimming pools, lighted tennis courts, playground and picnic area. It is currently 90% occupied.

The acquisition of Sienna Bay Apartments marks the company's fourth acquisition in Florida over the course of a year. It previously acquired the Village Green Apartments in Orlando and the 555 Congress Ave. and 1801 Alton Road office buildings in Miami.

“We believe that certain assets in select core markets of Florida currently represent tremendous opportunities for the ready buyer,” T. Richard Litton Jr., president of Harbor Group International, says in a press release. “Through focused management and a well-designed capital enhancement program, Sienna Bay should prove to be a solid investment.”

Harbor Group International LLC is a private real estate investment and management firm, which controls a portfolio of assets valued at more than $3 billion. The company's real estate holdings include more than 10 million square feet of commercial space and more than 18,000 apartment units.

The purchase entity Sienna Bay Gardens Associates LP mortgaged the property to Berkadia Commercial Mortgage for $15.6 million.