Willner Realty & Development buys Lincoln Shores apartments

BUYER: WRD Lincoln Shores LLC (principal: Benjamin Willner), Ardmore, Pa.
SELLER: Lincoln Shores Associates LLC
PROPERTY: 11601 Fourth St. N., St. Petersburg
PRICE: $47.17 million
PREVIOUS PRICE: $24.2 million, January 2010
LAW FIRM ON DEED: Haynes and Boone LLP, New York City

PLANS, DESCRIPTION:
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 portion 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.