Michaelson Real Estate Group buys Park at Ashley Place

BUYER: Park at Ashley Place Realty LP, Montreal

SELLER: Ashley Place LLC

PROPERTY: 4014 Vista Verde Drive, New Port Richey

PRICE: $8.05 million

PREVIOUS PRICE: $1.31 million, March 2005

LAW FIRM ON DEED: Marin Elijaiek & Lopez PL, Coconut Grove

PLANS, DESCRIPTION: The Canadian investor/owners of Michaelson Real Estate Group LLC purchased the 143-unit The Park at Ashley Place apartments in New Port Richey for $8.05 million.

The price equated to $56,293 per unit.

The apartment complex was 95% occupied at the time of the sale.

The property's former owner, Blue Rock Partners LLC, invested almost $1 million in capital improvements to the 26-year-old property. Unit sizes average 784 square feet.

The buyer was attracted by the gated apartment complex's condition, location and appearance, according to Erika Davenport, vice president of operations for Michaelson Real Estate Group.

“It's in a great location surrounded by neighborhoods behind it,” Davenport says. “It's been a great little jewel for as long as I've been here. The owners like to purchase properties that don't require a lot of renovation.”

The Park at Ashley Place features a swimming pool, laundry facilities, a fitness center, playground and business center.

Cole Whitaker and Jason Stanton of Hendricks & Partners handled the transaction. Stanton described the purchase as a long-term investment that should improve as the market for apartment properties continues to tighten and rental rates increase.

The community is the second Florida property purchased by Michaelson Real Estate Group. It also owns the 244-unit Swan Lake Apartments. Since its founding, the company has managed more than 27,500 apartment and condominium units throughout the southeastern United States.