Chicago company buys 509 Lansbrook Village units

BUYER: WLV I LLC (Waterton Residential), Chicago
SELLER: Lansbrook Marketing LLC
PROPERTY: 3751 Pine Ridge Blvd., various units, Palm Harbor
PRICE: $64,000
BUYER: WLV III LLC (Waterton Residential), Chicago
SELLER: Lansbrook Marketing LLC
PRICE: $42,000

BUYER: WLV III LLC (Waterton Residential), Chicago
SELLER: Lansbrook Marketing LLC
PRICE: $68,000

BUYER: WLV IV LLC (Waterton Residential), Chicago
SELLER: Lansbrook Marketing LLC
PRICE: $51,000

BUYER: Waterton Lansbrook Venture LLC (Waterton Residential), Chicago
SELLER: Lansbrook Marketing LLC
PRICE: $30.88 million

PROPERTY: 3751 Pine Ridge Blvd., various units, Palm Harbor

PLANS, DESCRIPTION: Chicago-based Waterton Residential Property Venture XI purchased 509 of the 774-unit Lansbrook Village condominium for $31.1 million.

The price equated to $61,100 per unit.

Stratus Development and KMG Partners have also invested in the units.

Originally developed by the Pritzker family's Centergate Residential in three phases from 1998 to 2004, Lansbrook Village includes 75 buildings on a total of 85.8 acres. The development features a mixture of one, two, three and four-bedroom units. Its amenities include three pools, attached and detached garages, tennis courts, volleyball courts, interactive fountains and family playgrounds, as well as an enclosed dog park. Roughly 95% of the units were leased at the time of the sale.

The REO sale was the result of failed condominium conversion of the property that eventually was foreclosed upon by Corus Bank.

“We liked its location in North Pinellas,” says Max Peek, vice president of acquisitions for Waterton Residential. “We also liked the fundamentals of the property from a real estate perspective. The units are large, averaging more than 1,160 square feet, with nine-foot ceilings and full-size washers and dryers. It was also an expansive community with a lot of land and a great amenity package.”

Waterton Residential Property Venture XI is a $500 million discretionary multifamily investment fund led and managed by Waterton Residential. The Tampa purchase was the second acquisition of the fund, which now owns properties in Chicago and a suburb of Atlanta. Peek expects Florida will be a strong focus for the fund over the next year.

Waterton Residential owns and operates 15,000 multifamily units in 12 states, including the Inwood Park Apartment Homes in Tampa and Monterey Lakes in Largo.

Apartment Realty Advisors in Boca Raton represented the buyers.