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Covenant Capital Group Acquires Tampa Apartment Community for $83M

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.

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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.

  • ◦Sale/Acquisition