Brandon apartments sell for $43.6 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 27, 2015

A Tampa firm has purchased a Brandon apartment complex for $43.6 million or $98,200 per apartment.

Blue Rock Partners LLC acquired the 444-unit Hamilton Bay Apartments at 1801 Princeton Lakes Drive in a deal that closed April 23, according to Hillsborough County property records.

New York Community Bank provided a $32.7 million mortgage, according to property records. The property was built in 1989.

The seller was Covenant Capital Group, based in Nashville, Tennessee. Covenant paid $30 million for the property - previously named Providence Place - in 2010.

Despite the onslaught of new apartment development - thousands of units are slated to be delivered this year - investor interest in multifamily real estate remains strong throughout Tampa Bay.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.