Pollack Shores Real Estate Group buys Coves of Brighton Bay

BUYER: AB/PSREG Coves LLC (AB/PSREG Coves Venture LLC), Atlanta
SELLER: Coves of Brighton Bay LLC
PROPERTY: 10901 Brighton Bay Blvd. N.E., St Petersburg
PRICE: $36.4 million
PREVIOUS PRICE: $27.99 million, December 2001
LAW FIRM ON DEED: Seward & Kissel LLP, New York City

PLANS, DESCRIPTION: Pollack Shores Real Estate Group purchased the 382-unit The Coves of Brighton Bay apartment community for $36.4 million.

The price equated to $95,277 per unit.

Built in 2000, The Coves of Brighton Bay is a garden-style community with one- two- and three-bedroom units. The development features a lake, swimming pool, observation dock, garages, a fitness center, business center and gazebo. The property also features walking trails and a large nature preserve.

The Atlanta-based real estate firm plans to upgrade the building's exterior siding from stucco to Hardie plank and install insulated windows throughout the property. It will also be renovating the clubhouse and apartment interiors.

“This is in keeping with our strategy of acquiring well-located, high-quality properties in areas with strong economies and the potential for even stronger employment growth,” Pollack Shores' Director Graham Carpenter says in a press release.

The company plans to acquire additional communities in Florida in the next few months. It purchased the 252-unit Polo Glen Apartments in the Melbourne metro area in January, and the 456-unit Sabal Palm at Metrowest II Apartments in Orlando this April. The 7-year-old firm has a portfolio of multifamily properties valued at about $1 billion.

Jones Lang LaSalle brokered the sale and arranged the buyer's debt financing.

Purchase entity AB/PSREG Coves LLC mortgaged the property to CIBC Inc. for $32.7 million.