Covenant Capital Group Fund Acquires Country Place Apartments
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.
Covenant Capital Group Fund Acquires Country Place Apartments
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.