TODAY’S DEALS: What Does $15M Get You in Suburban Atlanta?
A family-operated investment firm is drawn to Brookhaven, Ga., and Berkadia gets $96.3 million for the owner of a Tampa portfolio.
Brookhaven, Ga.—Church Street Partners has sold a 178-unit DeKalb County apartment community that it acquired for $11.9 million back in August 2008. Fast forward to this May, when family-operated firm Atlantic Pacific Cos. decided the 1990-built Legacy Century Center is worth $15.3 million. Transwestern represented Church Street in the sale, which achieved a price of $85,674 per unit—a nearly 29 percent increase over the previous sale.
Located at 100 Windmont Drive in the city of Brookhaven, Legacy Century Center features a pool, grilling area, clubhouse fitness center, business center and cyber café.
“The sale of Legacy Century Center was completed at an opportune time,” said Mike McGaughy, managing director at Transwestern. “The property’s recent annexation into Brookhaven and the completion of the Clairmont Road improvement project position it for strong rent growth with the continuation of interior upgrades planned by Atlantic Pacific.”
McGaughy worked with fellow managing director Jon Kleinberg on the sale. Interestingly, this was the third time the duo brokered the sale of the asset, which was formerly known as Windmont.
Berkadia gets $96.3M in sale price for Tampa portfolio owner
Tampa/Orlando, Fla.—Berkadia recently negotiated a $96.3 million sale price for a Tampa portfolio comprising two apartment properties that total 834 units in Tampa and Brandon, Fla.
Jason Stanton, senior vice president for Berkadia in Tampa, participated in the transaction along with Partner Cole Whitaker and Senior Vice President Hal Warren in Orlando. Berkadia represented seller Covenant Capital Group of Nashville, Tenn., in both transactions.
Viera at Westchase apartments, which was built in 1999 and contains 390 units, is located near the affluent Town N’ Country area in Tampa. Berkadia negotiated a $52.75 million sale price for the property. The buyer was Viera at Westchase LLC.
Hamilton Bay apartments, located on the thriving east side of Tampa Bay in Brandon, was built in 1989-1990 with 444 units. Berkadia negotiated a sale price of $43.6 million for Hamilton Bay. Blue Rock Partners LLC was the buyer.
The portfolio sale price averaged $115,527 per unit.
Whitaker said both communities saw capital improvements over the last four years that total more than $6.9 million and average $8,273 per unit.
