Cushman & Wakefield’s Florida Multifamily Advisory Group announced today the sale of The Cove in South Tampa, Fla., for a total of $50,500,000 on behalf of the seller, LNR Partners, LLC. The purchaser was The Laramar Group, LLC. Executive Director Byron Moger of C&W was the only broker involved in the transaction.
“The Cove is an excellent value-add opportunity,” Moger said. “I believe it is already one of the best addresses in South Tampa and will be even better in the future.”
The Cove is a 689-unit complex that offers efficiencies, one and two bedroom apartments with a prestigious location in South Tampa directly on Tampa Bay. The Cove is close to the Westshore Central Business District, which represents the largest business district in the state and has over 12.5 million square feet of office space. Amenities offered at The Cove include a gated entrance, three swimming pools, two clubhouses, boat parking, fitness center and a fishing pier on Tampa Bay.
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Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has 250 offices in 59 countries, employing more than 14,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge