Broadstone Citrus Village apartments sells for $42 million

BUYER: CH Realty VI/MF Tampa Citrus LLC (Fund VI Manages LLC), Dallas
SELLER: Broadstone Citrus Park LLC
PROPERTY: 7940 Citrus Garden Drive, Tampa

PRICE: $42 million
PREVIOUS PRICE: $3.75 million, August 2010
LAW FIRM ON DEED: Winstead PC, Dallas

PLANS, DESCRIPTION: An undisclosed fund managed by Crow Family Holdings purchased the 296-unit Broadstone Citrus Village for $42 million.

The price equated to $141,892 per unit.

Occupying a 17.86-acre parcel on Sheldon Road north of Gunn Highway, the 403,316-square-foot development was built in 2012. It features apartments that range from 742-square-foot, one-bedroom/one-bath units up to three-bedroom/three-bath units with 1,659 square feet of living space.

Community amenities include a swimming pool with sundeck, fitness center, Wi-Fi cafe and a resident lounge with game center.

The apartment complex had an average vacancy of just 6% as of the CoStar Group's latest appraisal of the property.

The seller, Alliance Residential Co., is staying on to continue to manage the property.

Dallas-based Crow Family Holdings was formed to own and manage the capital of the Trammell Crow family. The majority of its real estate investments are done though private-equity real estate funds sponsored by affiliates. As of Dec. 31, those funds had acquired or developed more than $11 billion in assets covering millions of square feet of industrial, hospitality, retail and office space and more than 21,000 multifamily units.