Nashville, Tennessee– Covenant Capital Group, LLC today announces the September 1st acquisition of the Country Place apartment community in Clearwater, Florida.
A commingled fund Managed by Covenant Capital Group has acquired Country Place Apartments, a 188-unit apartment community for $13.8 million. This is the eleventh asset acquired in the $140 million Fund. BH Management Services, Inc. will manage the property. The Fund assumed an existing $8.76 million mortgage provided by Freddie Mac. The fund will target additional value-add investments in apartment communities throughout the United States.
Jeff Seiters, Senior Vice President of Covenant Capital Group said: “Covenant Apartment Fund VI’s acquisition of Country Place Village reflects our continuing efforts to build a portfolio of exceptionally well located assets with highly desirable product offerings. The well landscaped site and large floor plans provide the perfect platform for Covenant’s value-added renovation of interiors and amenity offerings. Once completed, we expect Country Place Village to be a market leader among core apartment communities in Clearwater, Florida.”
About Covenant Capital Group
Covenant Capital Group is a real estate private equity firm specializing in the acquisition and redevelopment of value-add apartment communities. Covenant’s value-add investment strategy focuses on transforming properties into premier, institutional quality assets through renovation and repositioning. Covenant was formed in 2001 with offices in Nashville, Tennessee and has a staff of 13 investment professionals. Covenant is a privately-owned company with assets under management of more than $355 million from institutional and high net worth investors. Covenant manages four funds with a total portfolio value of over $1 billion invested in apartment communities throughout the United States controlling over 19,350 apartment units.