Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of Lakeshore Club, a 638-unit apartment community located in Tampa, Florida. The final sale price was $77 million.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant, principal of Harbour Realty Advisors, Inc., in the transaction. Lakeshore Multifamily Partners LLC acquired the property.
“Lakeshore Club is a highly desirable and rare 638-unit value-add property,” Meoli said. “Historically, the property averages 99% occupancy and was left in predominantly classic condition giving the buyer an exceptional opportunity to fully reposition the asset.”
Located at 6900 Concord Drive, the property sits on nearly 66 acres centrally located in Tampa on Egypt Lake. Amenities include two swimming pools, two tennis courts, a lake front sand volleyball court, recreation deck, playground and fitness center.
“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,” Donaldson said. “Given the current condition of the property, the buyer anticipates rent increases by over $325 per unit on average after completing the capital improvements.”