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Florida & Gulf Coast  + Central Florida  + Apartments  |  September 18, 2019
David Cohen
By: David Cohen

Providence Acquisitions Snags Tampa MF Property for $30M

Providence Acquisitions purchased Enclave on East, a 196-unit multifamily property in the Tampa Bay metro. The sales price was $29.5 million. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the seller, Insula Companies, in the transaction.

Located at 3660 East Bay Dr., the property has undergone more than $3.6 million invested in exterior upgrades in the past 18 months. The property is nearby the Gateway Business District, Largo Medical Center, Westshore Business District and Largo Mall, and currently is 95% occupied.

“There was tremendous interest for this well-located value-add community in Pinellas County,” said Granade. “The seller had recently completed significant renovations to the property’s exterior and common areas, and new ownership will now upgrade the interiors to help realize increased revenue at the asset.”

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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