The Cove apartments sell for $53 million

TAMPA -- Chicago's The Laramar Group and Philadelphia-based real estate investment company Lubert-Adler Partners LP purchased the 689-unit The Cove apartments for $53.03 million.

The price equated to $76,959 per unit. That figure is higher than the average price per unit ($70,803) for multifamily space in the Tampa Bay area, according to the CoStar Group.

Constructed in 1979, the apartment features 49 building on a 22.67-acre site at 4003 S. Westshore Blvd., Tampa. According to marketing information, the South Tampa development was 97.5% occupied as of the end of January. A former owner upgraded 622 of the 689 units. In addition, the exteriors have been updated with stucco and Hardie board and painted. The roofs were last replaced in 2008.