Iowa's BH Equities LLC buys second Tampa apartment

BUYER: Inwood Park Tampa Owner LLC, Des Moines, Iowa
SELLER: Fund VIII QO Tampa LLC
PROPERTY: 4747 W. Waters Ave., Tampa
PRICE: $32.2 million
previous price: $24.6 million, February 2005
LAW FIRM ON DEED: Quarles & Brady LLP, Tampa

PLANS, DESCRIPTION: An affiliate of Des Moines, Iowa- based BH Equities LLC purchased the 404-unit Inwood Park Apartments for $32.2 million.

The price equated to $79,703 per unit.

Originally called Quail Oaks, the Carrollwood development was built in 1985. It occupies a 34.85-acre site on Waters Avenue a few blocks west of North Manhattan Avenue. Units range in size from 750 square feet for a one-bedroom/one-bath unit to 1,500 square feet for a three-bedroom/two-bath unit.

The property features two swimming pools, racquetball and tennis courts, a fitness center, auto-care center and playground.

BH Management Services LLC is managing the community.

The acquisition comes on the heels of BH Equities' joint venture with Pensam Capital LLC and their purchase of the 200-unit Summer Trace Apartments in New Port Richey for $10.32 million.

An affiliate of BH Equities, BH Management Services LLC, is managing both properties.

The purchase entity Inwood Park Tampa Owner LLC mortgaged the property to Berkadia Commercial Mortgage LLC for $25.76 million.