Nashville real estate fund manager Covenant Capital Group paid $23.3 million in late May for a 208-unit Winter Springs apartment complex, adding to its multifamily asset focus in the Southeast and Mid-Atlantic area.
The property, The Columns at Winter Springs, is located of Red Bug Lake Road, west of Tuskawilla Road, near S.R. 417. New property managers ZRS Management took over the property within the past two weeks, staff said Friday, with the new owner investing immediately to begin repainting the whole community, and renovating all units with new counter tops, appliances and flooring.
The sellers were five entities affiliated with Marietta, Georgia-based real estate concern Seminole-Winter Springs Associates, LLC, an affiliate of Atlanta-based ECI Group, a developer, builder and manager of multifamily housing.
The ECI entity paid $15.9 million for the Columns at Winter Springs in late 2011, and changed the name from Chatham Place. An ECI representative did not return calls requesting comment.
Built in 1990, the Columns at Winter Springs has units ranging in size from one to three bedrooms. One bedrooms start at $875 a month, two bedrooms start at $1,050 and three bedrooms begin at $1,310.
Apartments have vaunted ceilings, fireplaces and ceiling fans. There is a clubhouse, an entertainment area and pool.
Covenant Capital self-describes as one of the nation's largest real estate fund managers, with more than $1.2 billion of assets under management on behalf of over 300 institutional and high-net worth investors.
The company specializes in buying, rehabbing re-branding and managing multifamily properties. On behalf of clients, the company manages over $470 million invested in $1.2 billion of apartments with over 15,000 units, its website says.
A representative from Covenant Capital did not return calls requesting comment.