Real estate value-add investment manager Covenant Capital Group has acquired Swan Lake Apartments, a 640-unit apartment community in Tampa. The sales price was $82.5 million.
Located at 3303 N. Lakeview Drive, the property includes studio, one- and two-bedroom apartments with an average unit size of 710 square feet. Amenities include two swimming pools, a clubhouse with a business lounge, a 24-hour fitness center, car wash center, on-site laundry facilities, tennis courts, frisbee golf, seven stocked fishing lakes, two dog parks and a grilling area. The property is the eighth largest multifamily community in Tampa.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, Eastern Properties, in the transaction. Covenant Capital Group is a real estate value-add investment manager with a focus on the acquisition and renovation of apartment communities.
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.
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