Atlanta's Cortland Partners pays $41M for Carlyle at Crosstown

BUYER: Crosstown Club FL Partners LLC (Cortland Partners), Atlanta
SELLER: Crosstown Tampa Investors LLC
PROPERTY: 1820 Crosstown Club Place, Tampa
PRICE: $41.24 million
PREVIOUS PRICE: $35.25 million, November 2011
LAW FIRM ON DEED: Morris Manning & Martin LLP, Atlanta

PLANS, DESCRIPTION:
Atlanta's Cortland Partners purchased the 300-unit Carlyle at Crosstown apartment complex for $41.24 million.

The price equated to $137,477 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.

Built in 2009, the gated development features 18 residential buildings and a clubhouse on a 16.73-acre parcel west of South Falkenburg Road and north of the Lee Roy Selmon Expressway. Amenities include a playground, fitness center, swimming pool, clubhouse, shuffleboard court and pet park. The two-story community, formerly known as Circle at Crosstown, also includes detached and attached garages.

The seller was a joint venture of Atlanta-based JMG Realty Inc. and Birmingham, Ala.-based HighPoint Holdings LLC.

The acquisition comes closely following the multifamily company's purchase of the 832-unit Camden Bayside apartments in South Tampa for $85.13 million (equal to $102,314 per unit).
That property has since been renamed Bowery Bayside.

The purchase entity, Crosstown Club FL Partners LLC, mortgaged the property to CBRE Capital Markets Inc. for $32.99 million.