Apartment Asset Goes to Condo Converter for $42M

Flournoy Development Co. of Columbus, GA sold the 19.4-acre property at a price equal to replacement cost, Sean Williams, a vice president at Apartment Realty Advisors of Boca Raton, tells GlobeSt.com. The deal was done at this time "to take advantage of the current condo conversion market," Williams says. Marc deBaptiste, a principal at Apartment Realty Advisors, worked with Williams on the deal. The buyer represented itself.

The apartments were 75% occupied at closing. The monthly base rents average $1,022 or about 90 cents per sf. Bridlewood is located in Highwoods Preserve which includes 824,000 sf of class A office space.

"The property's location, proximate to the Highwoods Preserve Office Park, coupled with the top-quality construction and design that Flournoy Development consistently delivers, makes Bridlewood at Highwoods Preserve an ideal condo conversion," Williams says.

Adds deBaptiste: "The Greater Tampa Bay market continues to experience tremendous interest from all buyer types--private sources, REITs, pension fund advisors and condominium converters. " For example, the broker says, his office has completed, along with contracts pending sale, more than $1.46 billion in multifamily sales year to date, as of April of this year.