Cortland Takes Multi-Family Community Off Camden Property Trust’s Hands
- Feb 24, 2015
Cortland Partners has acquired Camden Bayside Apartments, an 832-unit waterfront rental community in Tampa, from Camden Property Trust for $85 million.
CBRE’s John Selby and Sean Williams arranged the sale of the property on behalf of the seller.
“The waterfront was a unique opportunity and they’re just not making a whole lot more of that there,” John Builder, Cortland Partners’ director of investments for its Florida portfolio, told Commercial Property Executive. “At the price point entry, we liked the value there and felt it was a good opportunity.”
Located at 6301 S. Westshore Blvd., the complex was completed in the late ’80s and features a host of amenities, including two car-care centers, two resort-style swimming pools, large fitness center, conference room, business center with Wi-Fi, bayside gazebos, dog park, lighted tennis courts and boat storage areas.
“Camden just sort of sat on this and cash flowed forever, and they did some minor upgrades to the central pool, but we saw amenities as a real opportunity that was unexploited here,” Builder said. “A big part of our budget will be improving the fitness center into a two-level fitness center, moving the market to the main club house, and upgrading both pool areas and decks.”
According to Builder, the transaction fits in perfectly with its strategy over the last couple of years.
“We acquire vintage properties and upgrade them to our current standards,” he said. “Cortland has done more of that over the Southeast than just about anybody. We’re at about 32,000 units right now and at any one time we’ll have over 10,000 units in active rehab.”
As part of the extensive renovations planned on Camden Bayside, Cortland is purchasing a lot of material from China directly, helping to add in its addition of granite countertops, backsplashes, light fixtures, cabinets and ceramic tile. Washers and dryers will also be added to all units that currently don’t have them.
Camden Bayside is located just minutes from MacDill Air Force Base, the Westshore office market, downtown Tampa, and St. Petersburg.
At the end of 2014, Camden Bayside was 96 percent occupied with average rents of $853 or $1.14 a square foot.