Pensam Capital, BH Equities buy second Tampa Bay apartment

BUYER: PBH LoGarto LLC (Pensam Capital LLC and BH Equities LLC), Miami
SELLER: Dunedin Apartments LLC
PROPERTY: 257 and 265 Milwaukee Ave., Dunedin
PRICE: $9.4 million
PREVIOUS PRICE: $7.3 million, January 2012
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION: A joint venture of Miami-based Pensam Capital LLC and Des Moines, Iowa.-based BH Equities LLC purchased the 188-unit Lo Garto Apartments for $9.4 million.

The price equated to $50,000 per unit.

The property features one single-story building and six two- and three-story buildings that were all built in 1973. Units range from one bedroom/one bathroom with 728 square feet up to two-bedroom/one-and-a-half-bath apartments with 1,050 rentable square feet. Community amenities include six on-site laundry facilities, a fitness center and swimming pool.

Francesco “Frank” Carriera and Michael Regan in the Tampa office of Marcus & Millichap handled the transaction.

“Lo Garto Apartments is situated in a true infill location with notoriously high barriers to entry,” Carriera says in a press release. “The property's occupancy was stabilized at the time of sale, and there is potential upside to be gained through improved amenities and interior renovations.”

The Lo Garto Apartments is BH Equities' third purchase in the Tampa Bay area in the last few months. In March, the same joint venture purchased the 200-unit Summer Trace Apartments in New Port Richey for $10.32 million ($51,584 per unit). Later that month, an affiliate of just BH Equities acquired the 404-unit Inwood Park Apartments for $32.2 million ($79,703 per unit). As with the other two acquisitions, BH Management Services LLC will manage the Dunedin community.