Located at 2691 Charleston Town Place, northeast of the intersection of S. John Young Parkway and Americana Boulevard, the 15-acre property is part of the vast Park Central Condominiums which incorporates multiple condo and townhouse projects on what was formally a 450-acre golf course.
The seller was Park Central Five LLC, a joint venture of multifamily developer The Bainbridge Companies and New Jersey-based private equity manager and real estate investment group Blue Granite Partners LLC, which held a majority stake in the entity.
Those partners previously paid $3.8 million in 2004 for the property's 15 acres, and proceeded to built the garden-style community in 2007 with six three-story buildings.
"This sale was a portfolio decision for us, the property performed well and we had a really good relationship with Bainbridge as manager," Blue Granite's Neil Rackoff told GrowthSpotter. "We'd love to have more in Central Florida, but right now I don't have any plans for the proceeds (of this sale). We do have another project with Bainbridge in Tampa, and those guys are really just top-shelf partners."
In addition to being open to new multifamily development partnerships, Blue Granite favors value-add acquisition opportunities for its portfolio in the coming year, Rackoff added.
The buyer sourced a $35.175 million loan from Grandbridge Real Estate Capital in Charlotte to help finance the acquisition.
First Communities Management was brought in this week to assume management of the property.