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Lincoln Shores Apartments Sold for $24M

ST. PETERSBURG, FL-A joint venture between Greystar and Praedium takes the 631-unit complex.

By Carl Cronan | Updated on January 25, 2010

ST. PETERSBURG, FL-Lincoln Shores, a 631-unit apartment property at 11601 Fourth St. North, has been purchased through a joint venture between Greystar Real Estate Partners and the Praedium Group. The price was not disclosed, though Pinellas County property records show it sold for $24.2 million, or roughly $38,300 per unit.

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.

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