Blue Rock Partners, Highgate buy Village at Brandon Apartments

BUYER: HCG Brandon LLC, Chicago
SELLER: Cap VI Brandon LLC
PROPERTY: 1002 Creek Bridge Road, Brandon
PRICE: $10.43 million
PREVIOUS PRICE: $9.16 million, June 2008

PLANS, DESCRIPTION:
A joint venture of Tampa-based Blue Rock Partners LLC and Chicago-based Highgate Capital Group purchased the 112-unit The Village at Brandon Apartments for $10.43 million.

The price equated to $93,080 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The apartment complex was 93% occupied at the time of the sale. Amenities include basketball, tennis and sand volleyball courts, a swimming pool, playground and fishing pier.

“We have been looking in the Tampa area for years to make the right acquisition,” says John Kinzelberg, principal of Highgate Capital Group. “We think this one is lined up for us very well primarily because of the submarket. There's a lot of positive momentum in Brandon.”

The joint venture plans to improve the unit interiors and amenities, including creating a clubhouse and fitness facility.

Blue Rock Partners will manage the property, and Highgate Capital Group provided much of the equity for its purchase.

The purchase entity, HCG Brandon LLC, mortgaged the property to Berkadia Commercial Mortgage LLC for $8.5 million.