Lincoln Shores opened in 1984 and was 95% occupied at the time of sale. Marcus & Millichap's National Multi Housing Group brokered the sale on behalf of Hartford, CT-based UBS Realty Investors LLC. The previous owner invested nearly $4 million in capital improvements to 212 units prior to the sale.
The complex consists of nearly 50 two-story buildings of wood-frame construction, containing 473,640 square feet of net rentable area. The buildings feature one- and two -bedroom floor plans ranging from 550 to 1,000 square feet.
Numerous offers were made on the property, including national and international institutions as well as joint-venture equity partners, according to Jamie May, senior director with Marcus & Millichamp's Tampa office. He describes Lincoln Shores as a class B asset with a B-plus location in St. Petersburg's Gateway area near Interstate 275.
"As we approached the offer deadline, the market cap rate compression kept prospective purchasers running parallel with each other," May says. He adds that investment activity in the multifamily sector boomed in the second half of 2009, to more than $300 million from $51 million in the first six months.
Charleston, SC-based Greystar manages three other apartment properties in St. Petersburg: Reserve at Gateway, Coves of Brighton Bay and Verandahs at Brighton Bay.
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