Merion Realty Partners, on behalf of its joint venture partners, acquired Bay Point Villas in St. Petersburg, Florida. This 136 unit property will undergo a transformative renovation which will target a segment of the renter pool who is looking for an affordable, well run, renovated property. Bay Point Villas is one of the few remaining communities within the competitive market that has not undergone any significant renovations in recent years. The property had undergone several iterations of ownership over the past 10 years, including a period of lender ownership. As a result, the property’s performance has been lackluster and the physical asset has not been substantially upgraded as many of the competing properties have been. Merion believes the current underperformance experienced at Bay Point can be quickly capitalized on and offers an excellent opportunity to increase rental rates and realize significant operating efficiencies and savings.
Merion Acquires North Pointe and Fox Run Apartments
Merion Realty Partners acquired Fox Run and North Pointe Apartments as part of a two-property portfolio totaling 666 apartment units. The assets are located within Clifton Park, NY which boasts strong demographics and top-rated schools and is located nearly...
