Coves of Brighton Bay sold

ST. PETERSBURG — 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 multifamily 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. Located at 10901 Brighton Bay Blvd. N.E., St Petersburg, the property also features walking trails and a large nature preserve.

Atlanta-based Pollack Shores plans to upgrade the exterior siding from stucco to Hardie plank and install insulated, energy-efficient 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 seller, an affiliate of the New York State Teachers Retirement System, purchased the property in December 2011 for $27.99 million.

Pollack Shores Real Estate Group expects to acquire additional communities in Florida over 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 seven-year-old company has a portfolio of multifamily properties valued at about $1 billion.

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