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Florida & Gulf Coast  + Apartments  |  February 8, 2021
David Cohen
By: David Cohen

New Port Richey MF Property Trades for $20M

CBRE has brokered the $19.5 million sale of Main Street Landing, an 80-unit multifamily property in New Port Richey.

Built in 2020, the community sits directly on the Pithlachascotee River in downtown New Port Richey. The property offers large units with an average square footage of 1,412 and average effective rents of $1,554. The community is located at 5500 Main St. The buyer, Stonehaven Properties, looks to improve the asset by adding an onsite fitness center and boat docks.

Joseph Thavis of CBRE’s Tampa office represented both Stonehaven Properties and the seller, McGurn Management Co., in the transaction.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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