Tampa firm buys affordable housing complex in Lantana

192-unit property sold for $82k per unit

Miami /
Jan.January 15, 2018 08:45 AM

Marina Bay Apartments (Credit: CBRE)

Southport Financial Services of Tampa just bought an affordable housing complex in Lantana for $15.8 million, according to a press release.

Marina Bay Apartments, a 192-unit rental community at 2400 Lantana Road, traded for about $82,000 per unit. The buyer, Southport Financial Real Estate LLC, is an affiliate of Southport, an affordable housing real estate firm led by J. David Page.

Southport buys and renovates affordable housing projects like Marina Bay. The firm has a portfolio of nearly 17,000 units across the country, according to its website.

CBRE’s Timothy Flint and Richard Tarquinio represented the seller, Marina Clinton Associates. The company is led by Chris Wohlbrandt, who is also principal at the Naples-based real estate firm Golden Realty Management. Records show the company paid $1.9 million for the property in 2000.

The 12-acre development, built in 2001, includes a clubhouse, business center, swimming pool, fitness center, on-site laundry facilities and playground, according to the release.

In 2015, Southport paid $10.9 million for another affordable housing development in Palm Beach County, Mallards Landing Apartments.

Palm Beach County has been trying to encourage more development of affordable and workforce housing amid rising home prices and rents.

In November, median single-family home prices jumped 10 percent to $330,000 in Palm Beach County. Meanwhile, rents rose 2.6 percent annually to $1,429, according to a Cushman & Wakefield report. – Amanda Rabines


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...