Capital Square Realty Advisors buys Tampa's Bridgeview Apartments

BUYER: CSRA Bridgeview Apartments DST (The Corporation Trust Co. and CSRA Bridgeview Apartments Signatory Trust), Glen Allen, Va.
SELLER: Bridgeview Apartments LLC
PROPERTY: 5307 Reflections Club Drive, Tampa
PRICE: $31 million
PREVIOUS PRICE: $20.8 million, December 2009
LAW FIRM ON DEED: Jerry E. Aron PA, West Palm Beach

PLANS, DESCRIPTION: An affiliate of Capital Square Realty Advisors LLC purchased the 348-unit Bridgeview Apartments for $31 million.

The price equated to $89,080 per unit.

Built in 1986, the garden-style property contains 17 wood-frame and stucco residential buildings. Amenities include a clubhouse with a new business center, swimming pool, playground, fitness center and tennis and racquetball courts. The infill property features three lakes.

The apartment development was 92% occupied at the time of the sale.

The purchase entity, CSRA Bridgeview Apartments DST, mortgaged the property to Ladder Capital Finance LLC for $21.5 million.

Capital Square Realty Advisors LLC specializes in the creation and management of commercial real estate investment programs, particularly for 1031 tax-deferred exchange investors. It has created more than 100 investment entities totaling more than $3 billion. In July, it purchased the 102-unit Ashford Club Apartments in Tallahassee.