Reflections Apartments sell for $12.76 million

BUYER: Collier Reflections Owner LLC (principal: Nathan Collier), Gainesville

SELLER: Reflections of Tampa Ltd.

PROPERTY: 14525 Prism Circle, Tampa

PRICE: $12.76 million

PREVIOUS PRICE: $1.5 million, 1998

LAW FIRM ON DEED: Scruggs & Carmichael PA, Gainesville

PLANS, DESCRIPTION: Gainesville-based The Collier Cos. purchased the 588-bed Reflections Apartments in Tampa near the University of South Florida campus for $12.76 million.

The price equated to $21,692 per bed.

The Collier Cos. has managed the property for the former owner, Newberry-based Davis and Sons, since 2005. The firm decided to acquire the community before a purchase option expired, according to Eric Heninger, director of asset management for The Collier Cos.

The student-focused apartment complex has an average occupancy in the high 90% range. It features a swimming pool with tanning deck, sand volleyball courts and a fitness center. All of its units are fully furnished.

The Collier Cos., which owns and manages more than 10,000 apartments, also owns Lake View Oaks and St. Croix in the Tampa Bay metro area.

“We're always looking to expand in Tampa either by outright purchase, community management, or a structured deal...” Heninger said in an email to the Business Review.

The purchase entity Collier Reflections Owner LLC mortgaged the complex to Wells Fargo Bank NA for $15 million.