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Business Observer Monday, Jan. 3, 2022 7 months ago

Fort Lauderdale firm buys 92-unit apartment complex for $11M, plans renovation

Southeast Property Group buys Pinellas Park complex, will spend about $1 million on upgrades
by: Louis Llovio Commercial Real Estate Editor

PINELLAS PARK — A 92-unit apartment community in Pinellas County has sold for $11 million and the new owner plans to spend about $1 million in renovations.

The property, at 4355 84th Ave. N. in Pinellas Park, was bought by Fort Lauderdale-based Southeast Property Group, which owns a 114-unit complex about a mile away.

Southeast Property is planning a massive renovation of the property that will include new roofs, painting, updates to the parking lots as well as “amenity enhancements” and upgrades to the interiors of the apartments, according to a statement. These upgrades will include smart technology packages and privacy fences.

Joe Rubin, principal of Southeast Property, says in the statement announcing the sale that “as net migration continues to occur in the Tampa MSA, the demand for affordable, renovated units in the immediate area is at an all-time high which is pushing occupancy rates and rents through the roof.”

The new complex has been renamed from Le Club Villas to Fountains of Pinellas Park.

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