Tampa firm buys affordable housing complex in Lantana
192-unit property sold for $82k per unit
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