B&M Management LLC buys Courtney Trace, Addison apartments

BUYER: Courtney Trace Crestmont LLC (44.84% interest) and Courtney Trace Thornblade LLC (55.16%), Montgomery, Ala.
SELLER: Courtney Trace LLC
PROPERTY: 1131 Courtney Trace Drive, Brandon
PRICE: $31.53 million
PREVIOUS PRICE: $3.6 million, January 2006

BUYER: Addison Crestmont LLC (44.84% interest) and Addison Thornblade LLC (55.16%), Montgomery, Ala.
SELLER: Brandon Trace LLC
PROPERTY: 2516 Annapolis Way, Brandon
PRICE: $21.2 million
PREVIOUS PRICE: $3.65 million, January 2006
LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando

PLANS, DESCRIPTION: Two investment groups coordinated by Montgomery, Ala.-based B&M Management LLC purchased two apartment properties in Brandon for a total of $52.73 million.

An investment entity purchased the 288-unit Courtney Trace for $31.53 million, equal to $109,462 per unit. A similar company also acquired the 167-unit The Addison Apartments across Providence Lakes Boulevard from Courtney Trace for $21.2 million, equal to $126,946 per unit.

Built in 2007, the 306,683-square-foot Courtney Trace features a swimming pool, fitness and business centers, media center/movie theater laundry facilities and a clubhouse. The 11-building development occupies a 15.11-acre site.

Amenities in The Addison Apartments include a swimming pool, fitness center and business center. It features 10 buildings on 8.25 acres of land.

Both of the apartments were highly stabilized, running at roughly 95% occupancy. The two purchases equated to a payoff ratio based on income (capitalization rate) of 6.34%.

B&M Management LLC will manage the properties.

“We have owned and managed other properties in the Tampa market before,” says Ben Blanchard, vice president of acquisitions for B&M Management. “These are the only properties we currently own in Tampa, but we definitely want to continue to be active investors in the Tampa Bay area.”

No physical improvements are planned.

Byron Moger and Luis Elorza of Cushman & Wakefield handled the transaction.