Snell Isle apartments sell for $32 million

BUYER: TI Resort LLC (85.04% interest), T.I. 105th Street LLC (11.38%), WBR Raccoon LLC (1.94%) and MCR Raccoon LLC (1.64%), Cleveland
SELLER: Snell Isle Club Partners LLC
PROPERTY: 1515 Eden Isle Blvd. N.E., St. Petersburg
PRICE: $32 million
LAW FIRM ON DEED: DLA Piper LLP (US), Tampa

PLANS, DESCRIPTION:
Cleveland-based property management firm Burton Carol Management LLC purchased the 272-unit Snell Isle Luxury Waterfront Apartment Homes for $32 million.

The price equated to $117,647 per unit. That figure is more than the current average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The 236,316-square-foot property features nine buildings spread across 9.3 acres. Amenities include a health/fitness center, business center, two swimming pools, a putting green, sand volleyball court, walking paths and three fishing docks.

Consolidated Management Inc., the predecessor of Burton Carol Management, owned the apartment complex for 22 years. It sold it in 2006 as part of the estate-planning process for the end of the company. In 2010, the multifamily portion of what previously was Consolidated Management formed Burton Carol Management LLC.

At the same time, the new owner of the Snell Isle apartment complex had gutted and vacated it with plans to turn it into condominiums. That owner lost control of the property.

Joy Anzalone, chief operating officer for Burton Carol Management LLC, says the current seller came in at that point and extensively renovated the property and stabilized it.

The community is 95% occupied.

“They took the property we had and made it even better,” she says. “We wanted to be able to acquire that property to make it a part of our portfolio for well into the future and to take it to the next level.”

Burton Carol Management plans to enhance the property by painting the building exterior, changing some decorative features on its roofs and creating Zen garden features.

Burton Carol Management has offices in Cleveland; Southfield, Mich.; and St. Petersburg. Locally it owns the Chesapeake and Grande Bay Apartments in Clearwater and Palmway Village in St. Petersburg. It has another 17 properties in Ohio and four in Michigan.

The affiliated purchase entities, TI Resort LLC, T.I. 105th Street LLC, WBR Raccoon LLC and MCR Raccoon LLC, mortgaged the property to Bellwether Enterprise Real Estate Capital LLC for $20.15 million.