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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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