CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Arranges $55.75M Multifamily Sale in Clearwater

8/4/2020
Cushman & Wakefield has arranged the $55.75 million sale of Woodland Key Apartments, a value-add multifamily property located at 2770 Roosevelt Boulevard in Clearwater, Fla. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Kimball Key, LLC in the transaction. Ashcroft Capital Managers, LLC acquired the property.

Woodland Key

Woodland Key Apartments is a 416-unit, partially renovated community on approximately 24 acres with an excellent location on a major thoroughfare, Roosevelt Boulevard, allowing exposure to over 50,000 vehicles per day. The property is 95% occupied and amenities include two swimming pools with sundecks, a grilling pavilion, car care center, 24-hour fitness center, two dog parks, clubhouse and on-site maintenance.

“Woodland Key is located in the high-barrier-to-entry Feather Sound/High Point submarket of Clearwater, Florida, and is surrounded by major employment including the Carillon Business Park, St. Pete-Clearwater International Airport and the Gateway Business District, encompassing nearly 200,000 jobs within a 15-minute commute of the property,” said Meoli. “Although previous ownership infused over $10.5 million in recent capital improvements, the property is well positioned for additional interior enhancements to achieve a potential increase in market rents by more than $200 after completion of the value-add program.”

“Additional value-add is also achievable by recapturing the approximately $380,000 loss-to-lease and focusing on other income items such as implementation of valet trash service, which is common in the area. The property’s performance also faired very well during the pandemic with minimal bad debt and high occupancy,” said Donaldson.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS