BH Management, equity partner buy Sabal Park, Courtney Cove apartments in Tampa, FL
By: Sean Roth via Business Observer
A joint venture of BH Management Services LLC and Highland Capital Management LP purchased the Sabal Park Apartments and Courtney Cove Apartments for a combined $38 million.
The price equated to $67,708 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.
Sabal Park has 252 units and occupies a 14.94-acre parcel. Courtney Cove has 324 units and its 22 buildings sit on 13.82 acres.
Courtney Cove’s amenities include a fitness center, laundry facilities, a picnic area, playground, swimming pool and tennis court. It was built in 1981.
Sabal Park, which was built in 1990 and renovated in 2007, features a fitness center, picnic area, playground, swimming pool, tennis and volleyball courts and walking/biking trails.
Both of apartment complexes were highly stabilized with occupancies in the low to mid-90% range.