CBRE has arranged the sale of Bay Point, a 112-unit apartment community located at 11431 Cockle Drive in Port Richey, Florida, right off US-19 with easy access to Clearwater and St. Petersburg. Colorado-based Maple Tree Prospects, LLC, acquired the value-add property for $6.535 million. The community features a mixture of one- and two-bedroom apartments with access to a spacious courtyard and walking paths.
CBRE’s Luke Wickham, Shelton Granade, Justin Basquill, Franco Fioro, Sean Williams, and John Selby represented the seller, Florida Housing Affordability, Inc., in the transaction.
“Bay Point represents an opportunity to re-position the site from an income- and rent-restricted affordable housing property to a market rate property,” said Mr. Wickham, senior vice president, CBRE Capital Markets. “It’s a stabilized asset with significant value enhancement potential associated with modest interior upgrades.”
Built in three phases between 1985 and 1998, the property is situated on more than 10 acres. New ownership has the opportunity to build an additional 16 units on 2.6 acres that were previously engineered and permitted for this purpose.