Candleglow Apartments Complex sells for $13.82 million

The Candleglow Apartments in Brooksville located at 1071 Candlelight Blvd (off of State Rd 41)
recently sold for $13.825 million to Beachwold Residential. The apartments and clubhouse
were constructed in 1987 and the property is 10.20 acres. The Candleglow complex is
described as a 152 unit garden-style apartment complex and amenities include a swimming
pool, sundeck, grilling and picnic area, dog park, and racquetball/tennis courts.
The apartment complex last sold for $7.3 million in 2015 to CSRA Candleglow
Apartments DST (Capital Square 1031, LLC) per the Hernando County Property
Appraiser. The property appraiser lists the market/assessed and taxable value of the
property at $6.3 million.
Beachwold Residential owns several community properties throughout Central, West
and North Florida. YieldPro.com reports that Beachwold acquired $10.368 million in
acquisition financing through Freddie Mac. It’s a 10-year floating-rate loan.
Yield Pro reports that after acquiring the property, Beachwold Residential will undertake
interior and exterior renovations. Interior renovations include “new stainless-steel
appliances, resurfaced counters, cabinetry, backsplashes, flooring, hardware
and fixtures and appliances in all units.” Exterior renovations include “upgraded
signage, landscaping, community clubhouse and pool deck.”
Beachwold lists current apartment prices at Candleglow as $849 for a 1 bedroom/ 1
bath (552 sq ft), 1/1 (680 sq ft) $915, while the 2/1 (860 sq ft) is listed as $1095 per
month.
One advantage that Capital Square highlights on its website for potential investors:
“A high occupancy level coupled with current rental rates below those of other local
properties signals a potential to increase tenant rents and improve net operating
income.” Capital Square stated that the average monthly rent is approximately $646
per unit.