Cooper's Pond Apartments sell for $21M

BUYER: Coopers Pond Apartments LLC (Coopers Crossing Partners LLC), Newton, Mass.

SELLER: Gulfstream I LLC, Gulfstream II LLC, Gulfstream III LLC and Gulfstream IV LLC

PROPERTY: 3641 Coopers Pond Drive, Tampa also known as 3701 Fountain Mist Drive, Tampa

PRICE: $21 million

PREVIOUS PRICE: $22.17 million, September 2006

LAW FIRM ON DEED: Andrews Kurth LLP, Houston

PLANS, DESCRIPTION: Newton, Mass.-based Robbins Property Associates LLC purchased the 463-unit Cooper's Pond Apartments for $21 million.

The price equated to $45,356 per unit.

The property features two pools, a business center, clubhouse, fitness center, laundry facilities and playground. It also includes racquetball, tennis and volleyball courts.

“It's a known market to us,” says Jeff Talbot, Robbins Property Associates' director of acquisitions. “We own Legends Oaks close by, so we felt good about putting money into the property to add value to it. It's a similar size and vintage. We actually own more than 1,200 units in that immediate area. We plan to improve the property and add amenities.”

The new owner plans to make improvements to the roof, replace the exterior siding in the stairwells and relocate the clubhouse to the front of the property. It plans to spend $2 million on improvements over the next 18 months.

Robbins Property Associate is an investment company that now owns 19 apartment communities, including Lakes of Northdale and Waterstone at Carollwood in Tampa; Nautica, Isles of Gateway and Shady Oaks of St. Petersburg; and Summer Palms of Riverview. The company self manages all of its properties and does its own construction.

The purchase entity Coopers Pond Apartments LLC mortgaged the property to Beech Street Capital LLC for $16.4 million.