• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar

Tampa Bay News Wire

All news... no paywalls

  • Submit a Release
  • Contact Us
You are here: Home / Commercial Real Estate & Developers / Cushman & Wakefield Arranges $15.6M Sale of Worthington Court

Cushman & Wakefield Arranges $15.6M Sale of Worthington Court

December 3, 2020 by Post

Cushman & Wakefield announced today that the real estate services firm has arranged the sale of Worthington Court, a 152-unit apartment community located in New Port Richey, Florida. The final sale price was $15.6 million.

Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, HKSK Corp., in the transaction. Birmingham, Alabama-based Engel Realty Company, which owns and manages multifamily, retail and office assets throughout the Southeastern U.S., acquired the property.
“Worthington Court provided an excellent opportunity to further enhance a partially renovated Class B property near the Trinity submarket which has seen explosive growth over the last few years,” Meoli said. “Throughout the pandemic, the property has maintained exceptional performance with occupancy and collections trailing in the high 90% range.”

Located at 7541 Highwater Drive, amenities include a newly renovated swimming pool, a basketball half court, a tennis court, a playground and an updated clubhouse.

“The buyer intends on improving the property’s common area amenities and further renovating interior units, allowing for rent increases that will be competitive in the market,” Donaldson added. “With significant capital and pent-up demand for multifamily assets in high-growth markets within Florida, we are continuing to see a highly competitive bidding environment.”

email
print

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Filed Under: Commercial Real Estate & Developers

Primary Sidebar

Categories

43 Users Online
1 User Browsing This Page.
Users: 1 Bot

Connect with us

  • View madduxbusinessreport’s profile on Facebook
  • View tbnwire’s profile on Twitter

RSS feed


43 Users Online

© 2023 KnowHowe

 

Loading Comments...