CLEARWATER, FL-BH Equities, a private investment group in Des Moines, has entered the Florida market with the $14.3-million acquisition of the 207-unit, 97%-leased Cameron Lakes Apartments at 2550 Stag Run Blvd. here. NCH Corp. of Irving, TX sold the property for $69,082 per unit.
The apartments were built in two phases in 1982 and 1986. The property was on the market for six months. The transaction took another 60 days to complete, from contract signing to closing, broker Jim Bobbitt in the Tampa office of CB Richard Ellis Inc., tells GlobeSt.com. CB Richard Ellis broker John Selby worked with Bobbitt in representing the seller. The buyer negotiated for itself.
The deal was done at this time because of "good market fundamentals, a low interest rate environment and the ability [of the buyer] to upgrade the property through capital expenditures," Bobbitt tells GlobeSt.com. CBRE brought the buyer to the seller. Buyer and seller ran into no environmental or governmental challenges in closing the deal, the broker says.
BH Equities doesn't plan to follow the general Florida trend of converting the apartments to condos, Bobbitt says. The average asking gross rent at Cameron Lakes is $850 per month.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.