TAMPA PALMS — The ownership of Bristol Place Apartments is changing hands.
Preston Giuliano Capital Partners of Providence, R.I., is the new owner of the 340-unit complex at Bruce B. Downs Boulevard and Amberly Drive.
The real estate company paid $32 million for the 22-acre property in September. The purchase price was more than $1 million less than what the previous owner paid six years ago.
The seller, AVR Bristol Apartments LLC, spent $33.5 million to buy the gated rental community in 2007.
The recent sale equates to more than $94,000 per unit, said Jamie B. May, executive director of Institutional Property Advisors Florida, a real estate sales and consulting business. The value of apartments at comparable complexes tend to be higher.
Investors are finding deals as the Tampa Bay area housing market shows signs of recovery, said May, who advised the seller and arranged the sale. Companies are looking to invest in communities such as New Tampa with an ambulance of affluent, urban professionals.
“The area has an amazing high salary demographic as compared to other parts of Tampa,” May said.
Built in 1992, Bristol Place was the second rental property to open in Tampa Palms.
Nestled at the northwest corner of one of Tampa Palms' signature intersections, the apartment complex at 15210 Amberly Drive remains a draw for transient dwellers seeking luxury accommodations.
Its 20 three-story, Mediterranean-style buildings with barrel tile roofs and 167 detached garages were designed by Fugelberg Koch Architects of Winter Park. The complex was developed by Epoch Properties Inc. and ZOM Properties Inc., both of Winter Park, for $18.5 million.
Bristol Place offers four apartment designs ranging from one to three bedrooms and from 868 square feet to 1,511 square feet.
Each residence has a security monitoring system, walk-in closets, bathrooms with a shower and soaker tub, built-in entertainment center, washer and dryer, and a balcony or patio with French doors to a screened-in area with a ceiling fan.
The common area features a resort-style pool, a gazebo-covered spa, built-in gas grilling area, tennis court, car wash area and a playground. The clubhouse has a business center, coffee bar, Nautilus fitness center and an indoor racquetball court.
Interior and exterior renovations are planned, so Bristol Place can compete head-to-head with newer properties, said May, who specializes in multifamily property sales.
The new owner plans to install stainless steel appliances, replace kitchen cabinet doors and upgrade electrical wiring and plumbing fixtures. The exterior improvements will include enlarging the parking lot, refresh the landscaping and adding new pool furniture and an irrigation system.
The property could allow to capitalize on rental rate increases as the apartment market is expected to enter a extended recovery period, May said.
Preston Giuliano Capital Partners is a national company with apartment complexes in the Sarasota and Jupiter areas.
Bristol Place officials declined to comment, and officials at Preston Giuliano's corporate office in Rhode Island could not be reached for comment.