Kimball Key, LLC Sells 416-Unit, Value-Add Multifamily Property to Ashcroft Capital Managers, LLC
CLEARWATER, Fla., August 3, 2020 – Cushman & Wakefield has arranged the $55.75 million sale of Woodland Key Apartments, a value-add multifamily property located at 2770 Roosevelt Boulevard in Clearwater, Fla. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Kimball Key, LLC in the transaction. Ashcroft Capital Managers, LLC acquired the property.
Woodland Key Apartments is a 416-unit, partially renovated community on approximately 24 acres with an excellent location on a major thoroughfare, Roosevelt Boulevard, allowing exposure to over 50,000 vehicles per day. The property is 95% occupied and amenities include two swimming pools with sundecks, a grilling pavilion, car care center, 24-hour fitness center, two dog parks, clubhouse and on-site maintenance.
“Woodland Key is located in the high-barrier-to-entry Feather Sound/High Point submarket of Clearwater, Florida, and is surrounded by major employment including the Carillon Business Park, St. Pete-Clearwater International Airport and the Gateway Business District, encompassing nearly 200,000 jobs within a 15-minute commute of the property,” said Meoli. “Although previous ownership infused over $10.5 million in recent capital improvements, the property is well positioned for additional interior enhancements to achieve a potential increase in market rents by more than $200 after completion of the value-add program.”
“Additional value-add is also achievable by recapturing the approximately $380,000 loss-to-lease and focusing on other income items such as implementation of valet trash service, which is common in the area. The property’s performance also faired very well during the pandemic with minimal bad debt and high occupancy,” said Donaldson.
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