Canadian investment firm, local group buy Park at Coventry apartment

BUYER: Blueros Coventry LLC, Tampa
SELLER: Palm Island Tampa Associates LLC
PROPERTY: 2902 Sycamore Court, Tampa
PRICE: $16.7 million
PREVIOUS PRICE: $20.43 million, November 2007
LAW FIRM ON DEED: Paul Hastings LLP, New York City

PLANS, DESCRIPTION:
A joint venture of Montreal-based Rosdev Group and an affiliate of Reuven Oded-led investment group Carolyn Corp. purchased the 320-unit The Park at Coventry apartment for $16.7 million.

The price equated to $52,188 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Constructed in 1972, the apartment development features 37 buildings spread across 18.27 acres south of Lakeside Commons Drive. It was 95% to 96% occupied at the time of sale. Amenities include two swimming pools, a tennis court, business center, clubhouse and fitness center.

“This is a very well located deal with tremendous access and traffic exposure to the 50,000 or more cars driving by on Bruce B. Downs [Boulevard],” Oded says. “It's in the development hub of USF. There are a lot of barriers to entry there, which constrains supply. We plan to capitalize on the positive demographics of this submarket.”

The seller is a joint venture of New York City's The Praedium Group, Carolyn Corp. and Xavier Holdings Trust. Oded is a managing partner of Tampa-based Blue Rock Partners LLC, but his Carolyn Corp. is a separate investment group.

Rosdev Group plans to invest $1.2 million on improvements to the property, upgrading the exterior, amenities and unit interiors.

Blue Rock Partners will continue to manage the apartment.

Berkadia Real Estate handled the transaction.

The purchase entity, Blueros Coventry LLC, mortgaged the property to Arbor Commercial Funding LLC for $14.33 million. Eastern Union Funding arranged the financing.