Cortland Partners buys Camden Bayside, considering redevelopment

BUYER: Westshore FL Partners LLC (Cortland Partners), Atlanta
SELLER: Camden Operating LP
PROPERTY: 6301 S. Westshore Blvd., Tampa
PRICE: $85.13 million
PREVIOUS PRICE: $2.15 million, August 1985

PLANS, DESCRIPTION:
Atlanta multifamily company Cortland Partners purchased the 832-unit Camden Bayside apartments in South Tampa for $85.13 million.

The price equated to $102,314 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.

Located on 61.65 acres directly on Tampa Bay, the apartment has 52 residential buildings and two clubhouses. It features a mixture of studio and one- and two-bedroom units. Amenities include tennis, basketball and racquetball courts, a swimming pool, laundry facility, fitness center, business center and 2,000-square-foot conference room.

The apartment is currently 94.2% occupied.

“This represents just another really great value-add opportunity in the Tampa Bay market, an area where we have been pretty active,” says Mike Altman, chief investment officer for Cortland Partners. “We will be looking at the highest and best use for that great piece of land.”

The firm plans to renovate 277 units on the southern end of the property over the next two years. Altman says the new ownership is considering a number of options for the northern portion of the community including a potential redevelopment.

The community has been renamed Bowery Bayside.

The purchase entity, Westshore FL Partners LLC, mortgaged the property to Walker & Dunlop LLC for $69.12 million.