Blue Rock, Konover South buy Hamilton Bay Apartments

BUYER: Hamilton Bay Property Holdings LLC, Tampa
SELLER: Brandon Multifamily Partners LLC
PROPERTY: 1801 Princeton Lakes Drive, Brandon
PRICE: $43.6 million
PREVIOUS PRICE: $30 million, August 2010
LAW FIRM ON DEED: Waller Lansden Dortch & Davis LLC, Nashville, Tenn.

PLANS, DESCRIPTION:
A joint venture of Tampa-based Blue Rock Partners LLC and Konover South LLC of Deerfield Beach purchased the 444-unit Hamilton Bay Apartments in Brandon for $43.6 million.

The price equated to $98,198 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.

Located at the southwest corner of Providence Road and Providence Lake Boulevard, the 27.43-acre development features 29 residential and two clubhouse buildings and a service repair shop. The community was constructed in 1989 and 1990.

The apartment was 91% occupied at the time of the sale.

The partnership plans to invest $2 million in interior and exterior upgrades, and will rebrand the community as The Park at Portofino. Cole Whitaker and Jason Stanton of Berkadia represented the seller, an affiliate of Covenant Capital Group.

The Hamilton Bay acquisition is the partnership's 15th in the past two years. During that period, the group acquired 4,500 units and more than doubled its portfolio in Tampa Bay, Lakeland, Orlando and Fort Myers.

Blue Rock Partners owns and manages more than 12,000 apartment units. Konover South, a Simon Konover company, owns 20,000 apartment units, 17 million square feet of retail and office space and 4,000 hotel rooms.

The purchase entity, Hamilton Bay Property Holdings LLC, mortgaged the property to New York Community Bank for $32.7 million.

This story has been updated to correct the per-unit price.