Bay Pointe Apartments sells for $18 million

BUYER: Roosevelt Boulevard Apartments LLC (manager: David Greider), Clearwater
SELLER: Bay Pointe Apartments of Clearwater LLC
PROPERTY: 2770 Roosevelt Blvd., Largo
PRICE: $18 million
PREVIOUS PRICE: $20.25 million, September 2005
LAW FIRM ON DEED: Bayshore Title Insurance Agency, Tampa

PLANS, DESCRIPTION:
A company managed by David Greider of Tampa purchased the 417-unit Bay Pointe Apartments in Largo for $18 million.

The price equated to $43,165 per unit. That figure is lower than the average price per unit for multifamily space ($70.80) in the Tampa Bay area, according to the CoStar Group.

The 21-acre property features 52 two-story residential buildings, a one-story laundry facility and a one-story leasing office and laundry facility. The development offers 240 one-bedroom/one-bathroom units and 177 two-bedroom/one-bath units.

Community amenities include a tennis court, business center and two swimming pools.

In 2013, the prior owner, Bay Pointe Apartments of Clearwater LLC, made a number of improvements to the property including installing new roofs on two buildings, replacing nine staircases, repainting and resealing the parking lot and painting 12 of the residential buildings. A number of the first-floor unit interiors also received new vinyl flooring.

Francesco Carriera and Michael Regan, vice presidents of investments in Marcus & Millichap's Tampa office, handled the sale.

“Bay Pointe Apartments is located within a 10-minute drive of two of Clearwater's key business districts, Gateway and Carillon,” Carriera says in a press release. “Average apartment occupancy in the area is 96%. Largo received a 5.1% increase in occupancy between the second quarter of 2013 and the second quarter of 2014. This was the highest increase in all of the Tampa Bay Area's submarkets.”
Regan says the property is particularly well suited to benefit from the improving market and new multifamily developments in the area.

The buying entity, Roosevelt Boulevard Apartments LLC, mortgaged the property to Mutual of Omaha Bank for $16.1 million.