AREA Property Partners Acquires Two Tampa Area Multifamily Properties

NEW YORK, Jan. 28, 2011 /PRNewswire/ -- AREA Property Partners has acquired two multifamily rental properties with a total of 766 units in the Tampa Bay area, the firm announced.  The total purchase price for the two properties, Promenade at Carillon in St. Petersburg and Sabal Palm at Boot Ranch in Palm Harbor, acquired from an undisclosed seller, was $78 million.  

"We feel that Promenade and Sabal Palm have strong upside potential. They are both high quality rental properties in excellent locations. This acquisition is consistent with AREA's strategy of investing in multifamily properties in markets with strong demographics that are poised for a solid recovery," said partner Steven Wolf of AREA Property Partners.    

The Promenade at Carillon, 540 Carillon Parkway, has 334 units in two-story garden-style buildings, some with attached garages.  The complex offers one, two and three-bedroom apartments ranging from 670 square feet to over 1,300 square feet.  Amenities include a business center, a fitness center and spa, swimming pool, walking, jogging and bike trails, and a playground. The Promenade is located off of Ulmerton Road, in St. Petersburg's Carillon professional district.  The complex is convenient to I-275 and the St. Petersburg/Clearwater International Airport and is across the Howard Franklin Bridge from Tampa.  

Sabal Palm at Boot Ranch has 432 one, two, three and four-bedroom apartments ranging from 633 square feet to more than 1,400 square feet.  Amenities at the complex include private patios and balconies, a business center, a fitness center with cardio theater, swimming pool, wireless Internet access at the pool, and a clubhouse.

Located at 1350 Seagate Drive, at East Lake Road and the Lake Tarpon Canal in Palm Harbor, the community is about 45 minutes from both Tampa and St. Petersburg, and offers easy access to St. Petersburg/Clearwater International Airport.

About AREA Property Partners

AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally. Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai.  The firm's Web site is www.areapropertypartners.com.

SOURCE AREA Property Partners