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21-building apartment complex near USF sells for $4.3 million


  • By Louis Llovio
  • | 11:45 a.m. February 7, 2024
  • | 2 Free Articles Remaining!
Lexington Court, a 21-building apartment complex near USF, sold for $4.3 million.
Lexington Court, a 21-building apartment complex near USF, sold for $4.3 million.
Image courtesy of Marcus & Millichap
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An apartment complex near the University of South Florida has been bought by a Broward County investor.

The property at 11738 N. 14th St., named Lexington Court, sold for $4.3 million.

According to Marcus & Millichap’s RPH Multifamily Group, the buyer is an LLC named YB Acquisitions out of Plantation. There is limited information online about YB, but state records show it is managed by Yaron and Adam Braz.

The previous owner, county records show, was an Indian Rocks Beach investor who paid $2.73 million for the complex in 2019.

As for the property itself, Marcus & Millichap, which represented the seller, says in announcement that it has 42 units spread out across 21 buildings. The units themselves are one and two bedrooms and 31 have recently been renovated.

According to Lexington Court’s listing on apartments.com, the size of the apartments range from 525 square feet to 770 square feet. Rents were not posted on Feb. 7.

Hillsborough County property records show the first building was built in 1962 and the second in 1968. The rest were built between 1971 and 1978.

The complex is about 2 miles from USF and Rithm at Uptown, placing it squarely among what’s said to be a rapidly transforming stretch of the county.

Rithm at Uptown is the former University Mall. Its developer, RD Management, bought the mall in 2014 for $29.5 million. It describes the 100-acre property as an “innovation community” that will include life sciences and technology research facilities as well as retail, entertainment, residential and office space.

While the shopping center is experiencing monumental changes, nearby neighborhoods and commercial corridors, while busier, remain largely as they have been for years.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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