Dallas REIT buys Tampa, Orlando apartments

TAMPA -- A 20-year-old apartment complex in New Tampa's Hunters Green community has sold as part of a Central Florida package deal worth nearly $120 million.

Vinings at Hunters Green, a 240-unit apartment complex at 8801 Hunters Lake Drive, along with complexes in both Orange and Osceola counties, were sold to affiliates of both The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust in Dallas.

Vinings sold for $21.7 million, or $90,400 per unit. Also changing hands were:

• Heritage on Millenia at 3757 Millenia Blvd., Orlando, for $40 million, or $132,000 per unit;

• Summit at MetroWest at 6500 Metrowest Blvd., Orlando, for $26.9 million, or $96,100 per unit;

• Legends at ChampionsGate at 8101 Champions Circle, Davenport, for $31.3 million, or $124,206 per unit.

All four complexes were owned by entities controlled by C. David Brown II, according to state corporate records. Brown is the chair of the Orlando law firm Broad and Cassel. He also is a member of the CVS Health board of directors, as well as Rayonier Advanced Metals Inc.

Brown purchased the communities between 1995 and 2013 for $74.4 million.

Milestone leveraged the purchase with a $59.9 million mortgage through HSBC Bank. The Dallas-based company was attracted to the properties because it presented its investors with the opportunity to “immediately expand their footprint in the region in a meaningful way,” Shelton Granade, the multifamily executive vice president of CBRE Capital Markets says in a release. CBRE arranged the sale between Brown and Milestone.