Cushman & Wakefield has arranged the sale of Oak Ridge Apartments, a garden-style multifamily asset in Largo, Florida, for $15.9 million. The 137-unit community , which includes apartments and townhomes, sold for $116,350 per unit and provides significant value-add opportunity.
Executive Director Nick Meoli and Executive Director Mike Donaldson, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented Raymond Katz with New York-based HKSK Corporation in the disposition. The buyer is DLS Partners, LLC, which focuses on acquiring upside core multifamily assets in Florida.
Oak Ridge Apartments sits on approximately 12.6 acres at 13333 Ridge Road and has excellent frontage on Ulmerton Road, a primary artery of Pinellas County that connects to Tampa via Interstate 275 to the east and the Gulf beaches to the west.
Of the 137 residences, 69 percent of units are two-story townhomes with either two or three bedrooms, ranging from 970 to 1,198 square feet. The other 31 percent of units are 750-square-foot, one-bedroom apartments.
Approximately 70 percent of units have been partially renovated with new cabinetry, countertops, appliances, flooring and lighting. The community features two swimming pools with clubhouses, and the townhome units include private fenced-in patios.
“Oak Ridge is a unique asset in the Largo submarket, with only 144 competing townhome units within a three-mile radius of the property,” said Meoli. “Further, it represented a strong value-add opportunity to increase the effective gross income by over 24% through completing interior renovations and updating the amenity package.”
Added Donaldson, “We generated significant interest in the market with 225 registered buyers and conducted 17 property tours ultimately closing with a highly reputable New York-based investment group.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Meoli and Donaldson as well as Luis Elorza and Brad Capas in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.