Two Tampa apartments sell for combined price of $48.47 million

BUYER: Arium Bay Pointe LL LLC (principals: Jonathan Dracos, Herbert Myers, Christopher Hoeffel and Michael O'Brien), New York City
SELLER: Camden Operating LP
PROPERTY: 5902 Memorial Highway, Tampa
PRICE: $29.22 million
PREVIOUS PRICE: $3.93 million, June 1997 and $556,700, August 1983

BUYER: Arium Citrus Park LL LLC (principals: Jonathan Dracos, Herbert Myers, Christopher Hoeffel and Michael O'Brien), New York City
SELLER: Camden Operating LP
PROPERTY: 8102 Sheldon Road, Tampa
PRICE: $19.25 million
PREVIOUS PRICE: $8.5 million, January 1988

LAW FIRM ON DEED: Morris Manning & Martin LLP, Atlanta

PLANS, DESCRIPTION:The Atlanta-based Carroll Organization purchased two Tampa apartments as part of a three-property portfolio sale from Camden Property Trust. It purchased the 368-unit Camden Bay Pointe for $29.22 million and the 247-unit Camden Citrus Park for $19.25 million.

The combined purchase price equated to $78,805 per unit.

Built in two phases in 1984 and 1988, Camden Bay Pointe features 29 two-story buildings in the Westshore business district. Amenities include a fitness center, two swimming pools, clubhouses, picnic areas with grills, lighted tennis courts, ponds and a car care center.

Citrus Park was built in 1985. The garden-style complex contains a clubhouse, fitness center, sports courts, dog park and picnic areas.

The Atlanta firm plans to improve the properties through hands-on management and capital improvements, and is rebranding the properties ARIUM Bay Point and ARIUM Citrus Park.

The third property in the portfolio was the 240-unit Camden Habersham in Charlotte, N.C.

Carroll owns and operates 11 multifamily properties in Florida and North Carolina. However these three apartments mark Carroll's first acquisitions in Tampa and Charlotte, N.C.

“The properties in the Camden portfolio are situated in markets with exceptional fundamentals and growth, and in areas we have been targeting over the past year,” M. Patrick Carroll, founder and CEO of the Carroll Organization, says in a press release. “These acquisitions perfectly fit our strategy of buying good locations with excellent visibility, and the additional opportunity to increase value through capital improvements, and interior renovations.”