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Dominium’s Renovation Efforts Result in $80M Sale of Clearwater Multifamily
Cushman & Wakefield has arranged the $80.2-million sale of Genesis Apartments, a 372-unit multifamily Clearwater, FL. The property was built in the 1970s and was 95% leased at sale.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller, Dominium, and buyer, a local investment company, in the transaction.
“Genesis was significantly renovated by the seller to the tune of over $31,000 per unit,” said Donaldson. “We typically don’t see that level of capital expenditures infused into a property but in this case, it transformed the community into a highly desirable class ‘B+’ asset, effectively allowing it to compete with newer vintage communities in the area.”
“When we started to market Genesis, we saw lease trade-outs at the property as high as $600 in some instances,” added Meoli. “We have continued to see this heightened growth throughout the Tampa Bay area with most submarkets experiencing over 20% annual rent increases.”
Eric Fixler and Chandler Kaye with CBRE arranged a $71.3-million acquisition loan on behalf of the borrower.
- ◦Sale/Acquisition
