BH Management, equity partner buy Sabal Park, Courtney Cove apartments

BUYER: FRBH Sabal Park LLC, Des Moines, Iowa
SELLER: IMT Sabal Park Apartments
PROPERTY: 4006 Sabal Park Drive, Tampa
PRICE: $19.05 million
PREVIOUS PRICE: $15.24 million, February 2005

BUYER: FRBH Courtney Cove LLC, Des Moines, Iowa
SELLER: IMT Courtney Cove Apartments LLC
PROPERTY: 5510 N. Himes Ave., Tampa
PRICE: $18.95 million
PREVIOUS PRICE: $15.73 million, February 2005
LAW FIRM ON DEED: Lewis Roca Rothgerber LLP, Phoenix

PLANS, DESCRIPTION:
A joint venture of BH Management Services LLC and Highland Capital Management LP purchased the Sabal Park Apartments and Courtney Cove Apartments for a combined $38 million.

The price equated to $67,708 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.

Sabal Park has 252 units and occupies a 14.94-acre parcel. Courtney Cove has 324 units and its 22 buildings sit on 13.82 acres.

Courtney Cove's amenities include a fitness center, laundry facilities, a picnic area, playground, swimming pool and tennis court. It was built in 1981.

Sabal Park, which was built in 1990 and renovated in 2007, features a fitness center, picnic area, playground, swimming pool, tennis and volleyball courts and walking/biking trails.

Both of apartment complexes were highly stabilized with occupancies in the low to mid-90% range.

The joint venture purchased the two properties as part of a seven-apartment portfolio from IMT Residential. The new ownership plans to upgrade all of the new properties and is currently evaluating them individually to see what renovations and improvements to perform, according to Joanna Zabriskie, senior vice president at BH Management Services LLC.

Des Moines, Iowa-based BH Management Services is the operating partner for the joint venture and Highland Capital Management is the equity partner.

Following, the closing of the seventh and final apartment in the portfolio soon, BH Management Services will have 199 apartments under management in 20 states, including 22 in Florida.

The joint venture mortgaged the Courtney Cove property to Jones Lang LaSalle Operations LLC for $14.21 million and the Sabal Park Apartments to Jones Lang LaSalle for $14.29 million.