A luxury fixer-upper

BUYER: Pollack Shores Real Estate Group and a partner (PS Lexington Park Owner LLC), Atlanta
SELLER: Lexington Park at Westchase LLC
PROPERTY: 12201 Lexington Park Drive, Tampa
PRICE: $64.5 million ($161,250 per unit)
PREVIOUS PRICE: $42,500,000, March 2010

PLANS, DESCRIPTION:
When Pollack Shores Real Estate Group bought the 400-unit Lexington Park for $64.5 million, it was less for what it is now and more for what the company can create. Even with $161,250 per unit already invested in the project, Pollack Shores and its joint venture partner, a client advised by Heitman LLC, are approaching the 14-year-old Westchase apartment as property to improve.

The community's rents average $1,455 per unit per month, according to the CoStar Group. Its buyers hope to make it more attractive to affluent renters and, ultimately, more profitable.
Pollack Shores plans to upgrade the unit interiors with wood flooring, new cabinetry, granite and quartz countertops, stainless steel appliances, lighting and plumbing fixtures. It will also make changes to the 12,500-square-foot clubhouse, fitness center and pool areas.