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Value-Add Apartments Trade for $77M in Tampa
Cushman & Wakefield arranged the sale of Lakeshore Club, a 638-unit apartment community in Tampa. The final sale price was $77 million, or $120,689 per unit.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant, principal of Harbour Realty Advisors. Lakeshore Multifamily Partners LLC acquired the property.
“Lakeshore Club is a highly desirable and rare 638-unit value-add property,” said Meoli. “Historically, the property averages 99% occupancy and was left in predominantly classic condition giving the buyer an exceptional opportunity to fully reposition the asset.”
Donaldson added, “The buyer has an excellent track record repositioning similar assets and intends to execute an extensive renovation program to take advantage of the tremendous rent growth we are experiencing in Tampa Bay. Given the current condition of the property, the buyer anticipates rent increases by over $325 per unit on average after completing the capital improvements.”
- ◦Sale
