Real estate investment group buys stabilized Coachman Club

BUYER: Liv at Coachman LLC (DRW Real Estate Management I LLC), Chicago
SELLER: Metis Coachman I LLC
PROPERTY: 730 N. Old Coachman Road, Clearwater
PRICE: $4.23 million

PREVIOUS PRICE: $5.18 million, December 2011
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: An investment group composed of George Quay IV and Joseph Emerson of Weller Residential in St. Petersburg and Donald Wilson and David Nelson of Chicago's DRW Trading Group purchased the 72-unit Coachman Club apartment for $4.23 million.

The price equated to $58,681 per unit or $58.11 per square foot.

The two-story concrete block apartment development was built in 1985. All of the units have two bedrooms and two bathrooms. It was 90% occupied at the time of the sale. The apartment community is located across Coachman Road from Bright House Field and is north of the Joe DiMaggio Sports Complex. Amenities include a swimming pool and clubhouse.

Darron Kattan, Bob Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street handled the transaction.

“This property wasn't on the market,” Kattan says. “The buyer approached us and said they wanted to buy it. We approached owners and they negotiated a price. This was a very stable property. The seller bought it two years ago as a distress sale, cleaned it up and did some improvements.”

The new owner plans to continue to renovate the interiors of the remaining unimproved units.

Earlier this year, the buyer purchased the 48-unit South Dale Mabry apartments in Tampa for $1.75 million ($36,458 per unit).

The purchase entity, Liv at Coachman LLC, mortgaged the property to Branch Banking and Trust Co. for $3.46 million.