Cushman & Wakefield Brokers $77M Sale of Lakeshore Club Apartment Community in Tampa
TAMPA, FLA. — Cushman & Wakefield has brokered the $77 million sale of Lakeshore Club, a 638-unit apartment community located at 6900 Concord Drive in Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant of Harbour Realty Advisors Inc., in the transaction. The buyer, an entity doing business as Lakeshore Multifamily Partners LLC, purchased the asset for $120,689 per unit.
Lakeshore Club historically averages 99 percent occupancy. The property sits on nearly 66 acres on Egypt Lake. Community amenities include two swimming pools, two tennis courts, a lakefront sand volleyball court, recreation deck, playground and fitness center. After capital improvements, the buyer expects rental rates at Lakeshore Club to increase by over $325 per unit on average.