Bayshore Investment Partners buys units in Town Park Villas

BUYER: TPV Investors LLC (manager: Jared Brunnabend and Jose Tello), Miami
SELLER: Prospect Tampa Townhomes LLC
PROPERTY: 6070 Gibson Ave., Temple Terrace
PRICE: $6.98 million
PREVIOUS PRICE: $2.08 million, September 2012
LAW FIRM ON DEED: Law Offices of Terence J. Delahunty Jr. PA, Orlando

PLANS, DESCRIPTION:
An affiliate of Miami's Bayshore Investment Partners purchased 66 units in Town Park Villas for $6.98 million.

The price equated to $105,682 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

Town Park Villas is an 81-unit townhome community, where the unsold units were repositioned as rental units. Built in 2008 and 2009, Town Park Villas is composed of 12 three-story buildings with a mix of three- and four-bedroom floor plans. The property also included private balconies and attached one- or two-car garages.

The units were highly stabilized with an occupancy in the mid-90% range at the time of the sale.

Nicholas Meoli and Michael Donaldson in Marcus & Millichap's Tampa office handled the transaction.

“Town Park Villas presented an opportunity to acquire the majority ownership position in a newly constructed three-story townhome community with the largest floor plans in the Temple Terrace submarket,” Meoli says in a press release.

Jared Brunnabend, principal with Bayshore Investment Partners, says the firm is seeking properties in the Tampa and Orlando areas. It has no plans for changes to the units at this time.

Last year the investment group purchased the 200-unit Brandon Crossing Apartments for $14.5 million, equal to $72,500 per unit.

The purchase entity for Town Park Villas, TPV Investors LLC, mortgaged the 66 units to Private Bank and Trust Co. for $5.25 million.