Tripointe Property Group buys Palms at Brandon Apartments

BUYER: Palms at Brandon LLC (TPG Advisors), Beachwood, Ohio

SELLER: Brandon Palms Apartments LLC

PROPERTY: 721 N. Kingstowne Circle, Brandon

PRICE: $10.83 million

PREVIOUS PRICE: $8.79 million, May 2004

LAW FIRM ON DEED: Patrick G. Kelley PA, Fort Lauderdale

PLANS, DESCRIPTION: Beachwood, Ohio-based Tripointe Property Group purchased the 184-unit Palms at Brandon Apartments for $10.83 million.

The price equated to $58,832 per unit.

Built in the '70s, the 11.6-acre development was converted to condominiums in 2005 prior to the real estate market crash. The property features one- and two-bedroom flats and two-story townhome units. Amenities include two swimming pools, a fitness center and two tennis courts. It had an occupancy of more than 90% at the time of the sale.

“It's in really sound condition,” says Steven Soclof, principal of Tripointe Property Group. “We're looking forward to enhancing the property through new landscaping, signage and updated amenities. In general, we're long-term investors.”

The apartment complex is the firm's third multifamily purchase in Florida in the last 18 months. It owns the 168-unit The Mallards of Brandywine in Deland and the 184-unit Shadow Lakes Apartments in Ormond Beach. Tripointe Property Group is looking to buy more in the state with the goal of building critical mass, Soclof says. The firm self-manages its properties.

The HFF Florida multi-housing group represented the seller.

The purchase entity Palms at Brandon LLC mortgaged the property to Wells Fargo Bank NA for $8.14 million.