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
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...