Vinings at Hunter's Green sells to investor for $22M

BUYER: MREI III Vinings LLC (member: Central Acquisition LLC), Dallas
SELLER: Hunter's Green Inc.
PROPERTY: 8801 Hunters Lake Drive, Tampa
PRICE: $21.69 million
PREVIOUS PRICE: $14.2 million, September 1995
LAW FIRM ON DEED: Broad and Cassel, Orlando

PLANS, DESCRIPTION:
The Milestone Group purchased the 240-unit Vinings at Hunter's Green apartments for $21.69 million.

The price equated to $90,375 per square foot. 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.

The development is located on 15.78 acres near the southeast corner of Cross Creek and Bruce B. Downs boulevards. The gated property includes 12 residential buildings, a clubhouse and service/repair shop. It features a business center, car wash, clubhouse, fitness center, laundry facilities, a playground and swimming pool with a spa.

The community was 95% occupied at the time of the sale.

“Our main goal for the acquisition was just to reposition the asset as a long-term hold,” says Robert Debs, director of investor relations for The Milestone Group. “We will be deploying capital on the inside and outside. It was built in 1995 so it's still in very good condition, but there's room for improvement to achieve higher rents.”

Vinings at Hunter's Green was sold to The Milestone Group in a portfolio along with the 303-unit Heritage on Millenia and 280-unit The Summit at MetroWest in Orlando and the 252-unit Legends at ChampionsGate in Champions Gate.

Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the portfolio transaction.

The purchase entity, MREI III Vinings LLC, mortgaged the Tampa property along with the three other apartments in Orange and Osceola counties to HSBC Bank USA NA for $59.85 million.