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Business Observer Monday, May 9, 2022 1 month ago

Local investment firm buys 92-unit Pinellas County apartment complex for $13M

The price tag for Cottage Court might seem surprising, but it's not, says the brokerage behind the deal.
by: Louis Llovio Commercial Real Estate Editor

A 92-unit apartment complex in Port Richey has sold for $13.34 million. Before you ask, the decimal point is in the correct spot.

Cottage Court, at 7110 Tudor Lane, was bought by the Pinellas County multifamily investment firm Prosperity Capital Partners. It is made up of one-story buildings featuring one- and two-bedroom bedroom apartments ranging from 676 square feet to 936 square feet. Rent, according to the complex’s website, starts at $845 per month.

Prosperity intends to upgrade the interiors of all 92 units and to make minor improvements to the exterior.

The biggest news, though, might be the price tag.

Apartment complexes across the Gulf Coast have been trading for tens of millions of dollars in recent months, with several topping the $100 million mark. So seeing one come in at less than $15 million is a bit jarring.

It shouldn’t be, says CBRE, which represented both sides in the sale.

According to a spokesperson at the firm, the $145,000-per-door price tag is “currently a price per unit record in Port Richey/New Port Richey for a pre-2000s vintage deal.”

Prosperity, according to its website, owns $250 million in assets and has 2,200 units in its portfolio. Its properties are in Georgia, Arizona, South Carolina and Florida.

CBRE, in a press release announcing the sale, says Cottage Court is the fifth multifamily property Prosperity has bought in Pasco County in the past year.

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