CLEARWATER, FL-On the market less than two weeks, the 416-unit Baypointe Apartments at 2770 Roosevelt Blvd. is under new ownership today. The 31-year-old complex is 95% leased.
Baypointe Apartments of Clearwater LLC paid Tampa Bay Briarwood Associates, an Illinois limited partnership, $20.25 million, or $48,677 per unit, for the 52-building property. The sale price of the 313,280-sf garden-style apartment campus equates to $64.64 per sf.
The Goldfinger-Johnson-Crotty Group of Marcus & Millichap's Tampa office found the buyer and had the exclusive listing. Colonial Bank provided the acquisition financing.
The deal was done at this time to conform with the seller's "asset strategy and a partnership agreement" on the disposition, broker Bob Goldfinger tells GlobeSt.com. Tim Johnson and Jay Crotty worked on the deal with Goldfinger. The transaction took 2.5 months to complete, from contract signing to closing.
Current rent for 240 one-bedroom, one-bath apartments totaling an average 616 sf of living area is $540 per month. Rent for 176 two-bedroom, one-bath units totaling an average 940 sf of living area is $645 per month.
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