TAMPA, FL—What’s old is soon to be (like) new again as investors scoop up a 1977 multifamily project in Dunedin, FL. Despite high occupancy, massive renovations are planned at Windemere Apartments.
Here’s the backstory: Windemere Ltd., a Florida limited liability partnership that owned the property since 1977, just sold the asset to Dunedin LLC, a Delaware limited liability company based out of Chicago, for a mere $10 million. The sale price represents $55,555 per unit and $58.41 per square foot.
Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zach Ames all of Franklin Street, represented both sides in the transaction. The property is 93% occupied but in need of some significant capital expenditures.
Was it worth it? Apparently, there was more than one takeer.
“It’s rare to see an owner keep an apartment property this long,” Goldfinger tells GlobeSt.com. “The property enjoys a great location with good visibility in the dynamic Dunedin area. We had significant interest and with time, we were able to find a buyer that understood the future value there.”
Windemere Apartments is located at 1763 Main Street in Dunedin. The multifamily community offers one-, two-, and three-bedroom units.
“The buyer is planning a massive rehab and repositioning of the property,” Kattan tells GlobeSt.com. “They will take it from a non-renovated, 1974-vintage property to practically brand new which will attract a new tenant base at much higher rents.”
A full interior and exterior renovation is planned. The work includes common areas and landscaping. The multifamily community is located minutes from US Highway 19 and downtown Dunedin with access to several beaches, shopping, restaurants, and entertainment.