Laramar Group, Lubert-Adler buy South Tampa's The Cove

BUYER: Westshore Cove Apartments LLC (principal: M. Marc Jason), Chicago
SELLER: LBCMT 2007-C3 Westshore Boulevard LLC
PROPERTY: 4003 S. Westshore Blvd., Tampa
PRICE: $53.03 million
PREVIOUS PRICE: $61.05 million, July 2005
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION:
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.