Cushman & Wakefield arranges $15.6 million sale of Worthington Court

Value-add apartment community sells for $102,710 per unit

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Worthington Court
Cushman & Wakefield arranged the sale of Worthington Court, a 152-unit apartment community located in New Port Richey, Florida.

Cushman & Wakefield announced that the real estate services firm has arranged the sale of Worthington Court, a 152-unit apartment community located in New Port Richey, Florida. The final sale price was $15.6 million.

Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, HKSK Corp., in the transaction. Birmingham, Alabama-based Engel Realty Company, which owns and manages multifamily, retail and office assets throughout the Southeastern U.S., acquired the property.

“Worthington Court provided an excellent opportunity to further enhance a partially renovated Class B property near the Trinity submarket which has seen explosive growth over the last few years,” Meoli said. “Throughout the pandemic, the property has maintained exceptional performance with occupancy and collections trailing in the high 90 percent range.”

Located at 7541 Highwater Drive, amenities include a newly renovated swimming pool, a basketball half court, a tennis court, a playground and an updated clubhouse.

“The buyer intends on improving the property’s common area amenities and further renovating interior units, allowing for rent increases that will be competitive in the market,” Donaldson added. “With significant capital and pent-up demand for multifamily assets in high-growth markets within Florida, we are continuing to see a highly competitive bidding environment.”