Lincoln Shores apartments sells for $53M

ST. PETERSBURG —Willner Realty & Development Co. purchased the real estate, furnishings and business operations of the 631-unit Lincoln Shores apartments for $53 million.

The real estate of the apartment development sold for $47.17 million, which equated to $74,754 per unit. That figure is in line with the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Constructed in 1984, the gated development features 50 two-story buildings on a 52-acre site. Amenities include a clubhouse, fitness center, five laundry facilities, three swimming pools, tennis, basketball, volleyball and racquetball courts and a car wash. The property, located at 11601 Fourth St. N., St. Petersburg, also houses a lake of about 14 acres.