Virginia firm spends nearly $100M on apartments

A Richmond, Va.-based apartment owner and operator acquired a pair of multifamily complexes in the Brandon area, investing a total of $95.6 million.

ColnF LLC, an affiliate of ICAFS Inc., bought the Columns at Brandon West complex and the Westbury at Lake Brandon community, state and Hillsborough County property records show.

Both complexes were completed in 2001.

Holliday Fenoglio Fowler L.P. represented sellers ECI Group and Ares Management L.P. in the $46 million Columns at Brandon West sale, and an affiliate of Goff Capital Partners in the $49.6 million deal for the Westbury apartments.

HFF Managing Director Matt Mitchell and Zach Nolan, an associate director, negotiated both transactions, according to a release from the commercial real estate brokerage firm.

To date in 2016, HFF's multifamily housing team has sold more than 3,300 units in the Tampa area.

“These properties represent value alternatives to new construction, at a time when there's a lot of new demand,” Mitchell says. “There's quite a lot of new product out there, but there's also significant demand.”

The Columns at Brandon West, formerly known as the Balaye Apartments, is a 342-unit complex comprising 10 three-story buildings. It is currently 96% leased.

The 10011 Balaye Run Drive complex features a recently updated clubhouse and poolside lounge, a resort-style swimming pool, an outdoor kitchen, fitness studio, movie screening room and a nature trail.

Westbury at Lake Brandon contains 366 units, which are 95% leased. The 1210 Westbury Pointe Drive complex's amenities include a swimming pool and spa, state-of-the-art fitness center, clubhouse and coffee bar, a business center and a lakeside-walking trail.