Blue Rock, Goff Capital buy Westbury at Lake Brandon

BUYER: Westbury at Lake Brandon Investments LLC (principal: Reuven Oded), Tampa
SELLER: Broadstone Westbury LLC
PROPERTY: 1210 Westbury Pointe Drive, Brandon
PRICE: $38.8 million
PREVIOUS PRICE: $42.05 million, January 2007
LAW FIRM ON DEED: Locke Lord LLP, Dallas

PLANS, DESCRIPTION: A joint venture of Tampa-based Blue Rock Partners LLC and Goff Capital Partners purchased the 366-unit Westbury at Lake Brandon apartments for $38.8 million.

The price equated to $106,011 per unit and was $3.25 million less than the apartment last sold for in early 2007.

Built in 2002, the gated community features a swimming pool, business center, clubhouse, fitness center, playground and laundry facilities.

The apartment community is Blue Rock Partners' sixth in Brandon, giving it control of 2,286 units there. The Westbury at Lake Brandon is nearly two miles south of the 982-unit The Park at Siena, which Blue Rock acquired in December for $66 million.

Although the community is in good shape, according to Reuven Oded, principal/owner of Blue Rock Partners, the new ownership plans to invest an additional $1.6 million in improvements. Those changes include cosmetic exterior and interior improvements and upgrades to the clubhouse, fitness center and landscaping.

The new owner expects to have the exterior work done within the next 100 days and the interior improvements completed in the next 18-24 months as units turnover.

“This is one of the crown jewels, one of the nicest properties in the Brandon submarket,” says Oded. “We see this as an opportune time as far as market forces to expand our portfolio. Supply is still constrained and there's very little new product coming online. There has also been an increase in employment, which is one of the very compelling drivers for apartment demand.”

Oded says that Blue Rock Partners, which has to this point only accumulated real estate in Florida, is also looking at properties outside of the state, particularly in Georgia and Alabama. Including Westbury at Lake Brandon, the Tampa company holds a portfolio of more than 6,400 rental units in Tampa Bay and Orlando.

The brokerage ARA handled the transaction.

The joint ventures' purchase entity Westbury at Lake Brandon Investments LC mortgaged the property to KeyBank NA for $30.72 million.