A Chicago-based real estate company has bought its second community in the Tampa Bay area, taking over the former Arlington at Northwood, a 312-unit complex in Wesley Chapel.
BES Northwood Fund IX LLC, a company associated with Sherman Residential, finalized its sale of the high-end apartments May 15 for $36.1 million. That is nearly $10 million more than what the community’s previous owner, Protea Northwood Apartments, purchased the complex for in 2006 soon after it was built.
The new owners have brought in a new name for the complex as well, calling it Enclave at Wiregrass, according to the company’s website.
Enclave is considered a Class A apartment complex, meaning that it was built in the last 20 years or so, and comes with a number of luxury-style amenities. Sherman, on its website, says it’s looking to buy apartment communities that have at least 150 units, comprehensive amenity packages, and strong locations, among other things.
Sherman already owns the Enclave at Tranquility Lake in Riverview, as well as 13 other communities in Georgia, Illinois, North Carolina, Tennessee and Texas, according to its website.
BES Northwood purchased the property through a $22.5 million loan. It’s located at 1930 Devonwood Drive, just off State Road 56 not far from The Shops at Wiregrass.
This is Pasco County’s largest property sale since August 2012 when Seneca at Cypress Creek was sold for $62.3 million. Units in that Lutz community sold for $138,100 each, while units at the new Enclave sold for $115,700 each.
