Gamma Real Estate bought Cove Apartment Homes in Tampa from the Laramar Group for $96.5m. The 49-building, 689-unit multifamily garden-style property changed hands for $140,059 per unit. At the time of the transaction, the property was 95 percent leased. Built in 1978, the asset features a controlled entrance, three swimming pools, a game room and boat slips. Berkadia brokered the sale behalf of the seller, who bought the complex in 2014 for $53m.
“The Cove represented a unique chance to acquire a value-add opportunity in an irreplaceable South Tampa location. Through Berkadia’s national platform, we were able to generate a tremendous amount of interest, which led to over 60 tours of the property,” said Jason Stanton, managing director of Berkadia’s Tampa office.
