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.
Acquires The Ledges
Merion acquired The Ledges, a 339 unit, Class-A, garden style multifamily unit apartment community in Groton, Connecticut. The property was purchased for $60 million, or $177,000 per unit. The community was constructed in 2003 and is in good physical condition....
