The Cove Westshore apartments sold for $96.5 million – Tampa Bay Business Journal

The Cove Westshore apartments sold for $96.5 million – Tampa Bay Business Journal

A group of New York investors that owns apartment properties throughout the Southeast has picked up a Westshore community for $96.5 million.

Gamma Real Estate has closed on the 689-unit Cove apartments at 4003 S. Westshore Blvd., according to a Hillsborough County deed filed Friday. The purchase price breaks down to just over $140,000 per door; Jones Lang LaSalle Multifamily LLC provided a $61.4 million mortgage, according to property records.

Built in 1979, the Cove occupies 22.6 acres on the Westshore waterfront, about 1 mile north of Gandy Boulevard.

The seller, Chicago-based Laramar Group, bought the Cove from LNR Partners, a special servicer for commercial mortgage-backed securities, in 2014 for $53 million. LNR took title to the apartments in 2011 in a bankruptcy reorganization, according to property records.

Gamma owns other Florida apartment properties, in Orlando and Jacksonville. Its portfolio includes more than 5,000 units in the southeastern U.S.

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