LARGO, FL — Capstone Apartment Partners is pleased to announce the bulk sale of 61 condominium units at Whispering Palms Condominiums, a 108 unit community located in Largo, FL. The assets sold for $6,600,000 or $108,197 per unit.
Over the past 2 years, prior ownership had renovated approximately 65% of the units which generated monthly premiums ranging from $150-$300. The buyer intends to continue the unit renovation program implemented by the seller as well as benefit from the strong growth rates recently seen within the immediate submarket of Largo.
Brian Hunsicker and Jad Richa from Capstone’s Tampa office brokered this transaction. According to Brian Hunsicker, “We continue to see strong demand for multifamily opportunities in the Tampa Bay market. Fractured condominium projects are a niche investment opportunity that the buyer has targeted along the Gulf Coast of Florida.”
Whispering Palms is located within minutes of Indian Rocks Beach at 13200 Wilcox Road and was 93% occupied at the time of sale. Consisting solely of two bedroom/two bathroom floorplans, many units contain vaulted ceilings and fireplaces while all units include walk-in closets, washer & dryer connections and private patios.