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.

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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.

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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.

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"As we approached the offer deadline, the market cap ratecompression kept prospective purchasers running parallel with eachother," May says. He adds that investment activity in themultifamily sector boomed in the second half of 2009, to more than$300 million from $51 million in the first six months.

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Charleston, SC-based Greystar manages three other apartmentproperties in St. Petersburg: Reserve at Gateway, Coves of BrightonBay and Verandahs at Brighton Bay.

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