X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.