The apartments, located at 609 Golden Raintree Place along Kings Avenue just north of Brandon Boulevard, were 94% occupied at closing. Advenir had recently invested $1 million in renovating the property. The buyer assumed an existing Fannie Mae mortgage as part of the transaction.
The deal took 65 days to complete "due to the assumption of the existing mortgage," Jim Bobbitt, a broker in the Tampa office of CB Richard Ellis Inc., tells GlobeSt.com CBRE broker John Selby worked with Bobbitt on the deal. The buyer group represented itself.
Bobbitt says there were no special environmental or governmental challenges the buyer or seller had to overcome before closing the transaction. Hamilton Pointe Apartments' average asking monthly base rent is $725. The average size living area is 1,009 sf per unit.
In the past month, Advenir also acquired Aventura Bayview, a 43,600-sf, class A office building in Aventura, five miles north of Downtown Miami. Advenir paid KA Aventura LC $8.5 million, or about $194.95 per sf, for the six-story property at 17501 Biscayne Blvd. which it plans to convert to office condos.
Advenir owns and manages a Florida portfolio valued at about $130 million, South Florida brokers who have dealt with the firm, tell GlobeSt.com.
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