Enclave at Northwood's 188 units sell for $18.5 million

BUYER: Enclave at Northwood LP, Orlando

SELLER: Clearwater Multifamily Partners LLC

PROPERTY: 2690 and 2775 Enterprise Road E., Clearwater

PRICE: $18.5 million

PREVIOUS PRICE: $13.8 million

LAW FIRM ON DEED: Broad and Cassel, Orlando

PLANS, DESCRIPTION: Washington, D.C.-based StoneBridge Investments BV purchased the 188-unit the Enclave at Northwood apartments for $18.5 million.

The price equated to $98,404 per unit.

The property features two tennis courts, two pools, a fitness center, business center and clubhouse. Its occupancy rate was 94% at the time of the sale.

Jason Stanton of the Tampa office of Hendrick's & Partners and Cole Whitaker and Hal Warren in the firm's Orlando office represented the seller, a commingled fund managed by Nashville-based Covenant Capital Group.

“It was in excellent condition,” Stanton says. “One hundred-ten of the units had already gone through pretty extensive interior renovations. It was nearly $1 million worth of renovations. These are '84 or '85 vintage, but they were built to be condos. They also had very low density, less than nine units an acre.”

Stanton says in the near-term, the buyer can add value through renovating the remaining 78 units. In the long-term, it's a prime property when the condominium conversion demand returns, with units averaging more than 1,000 square feet and located in an infill area of Clearwater.

The buyer retained Orlando-based ZRS Management LLC to manage the property.

The purchase entity Enclave at Northwood LP mortgaged the property to Holliday Fenoglio Fowler LP for $15.1 million.

StoneBridge Investments BV is part of Bouwfonds Real Estate Investment Management and Timeless Investments BV. Bouwfonds Real Estate Investment Management is, in turn, part of Rabobank Group, which is one of the biggest property companies in the Netherlands. StoneBridge also owns 371 units in The Arbors at Branch Creek in Tampa.