Carolyn Corp., Goff Capital Partners buy Park at Knightsbridge

BUYER: Knightsbridge Investments LLC (manager: Reuven Oded), Fort Worth, Texas
SELLER: Hawthorne Place Partners LLC
PROPERTY: 10208 Hawthorne Place Drive, Riverview
PRICE: $21.15 million
PREVIOUS PRICE: $22.25 million, October 2005
LAW FIRM ON DEED: Thompson & Knight LLP, Dallas

PLANS, DESCRIPTION:
A joint venture of Reuven Oded's Tampa investment group Carolyn Corp. and the private equity investment firm Goff Capital Partners LP purchased the 299-unit The Park at Knightsbridge apartments for $21.15 million.

The price equated to $70,736 per unit. That figure is in line with the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The nine-building development was constructed in 1999 on 19.69 acres west of Kearney Way. The community features a swimming pool; business, car-care and fitness centers; and a clubhouse.

The seller was a joint venture of Blue Rock Partners LLC and Konover Group. Oded, who is also a managing partner of Blue Rock Partners, recused himself from the sale negotiations.

“I was just in the situation where my two partners in the original partnership — formed in 2009 — wanted to sell, but I didn't want to sell,” Oded says. “I saw more potential in the property and where it and the Brandon market are going. It has a very unique architecture and is very well situation in a conservation area. We're planning another $1 million in interior [and community] upgrades. We will be turning into an almost A-type property.”

Blue Rock Partners will continue to manage the apartment.