Lincoln Shores opened in 1984 and was 95% occupied at the timeof sale. Marcus & Millichap's National Multi Housing Groupbrokered the sale on behalf of Hartford, CT-based UBS RealtyInvestors LLC. The previous owner invested nearly $4 million incapital improvements to 212 units prior to the sale.

The complex consists of nearly 50 two-story buildings ofwood-frame construction, containing 473,640 square feet of netrentable area. The buildings feature one- and two -bedroom floorplans ranging from 550 to 1,000 square feet.

Numerous offers were made on the property, including nationaland international institutions as well as joint-venture equitypartners, according to Jamie May, senior director with Marcus &Millichamp's Tampa office. He describes Lincoln Shores as a class Basset with a B-plus location in St. Petersburg's Gateway area nearInterstate 275.