A Nashville, Tennessee-based real estate investment firm paid $39.25 million, or $109,028 per unit, for The Park at Levanzo apartments at 11990 Beach Blvd., between Interstate 295 and Kernan Boulevard.
The Park at Levanzo Apartment community, built in 1974, features 74 one- and 286 two- bedroom units from 620 square feet to 1,240 square feet in size, along with a clubhouse, business center, swimming pool and a 24-hour fitness gym.
Colliers International reported in its second-quarter 2019 report that the average sales price per unit year to date was $107,875.
Covenant Capital Group LLC, through Levanzo Partners LLC, bought the 360-unit apartment community Jan. 14 from Reserve Property Holdings LLC, managed by Reserve Associates Holdings LLC and associated with Blue Roc Premier Properties LLC of Tampa.
Reserve Property Holdings LLC bought the 19.85-acre property in 2016 for $24.6 million.
CBRE Capital Markets Inc. financed the deal with a $31.4 million multifamily mortgage.
Covenant Capital Group did not respond to calls for comment.
Covenant Capital Group’s covenantcapgroup.com site states it is a value-add real estate investment firm with eight funds focused on multifamily acquisition, renovation, repositioning, rebranding and asset management.
The group targets properties in high-growth Southeastern and mid-Atlantic regions. It said it owns more than 8,500 apartment units and has more than $625 million in real estate assets.
Covenant announced it plans to invest more than $1.2 billion for up to 30 multifamily properties in the next three years.