TAMPA, FL—What's old is soon to be (like) new again as investorsscoop up a 1977 multifamily project in Dunedin,FL. Despite high occupancy, massive renovations are planned atWindemere Apartments.

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Here's the backstory: Windemere Ltd., a Floridalimited liability partnership that owned the property since 1977,just sold the asset to Dunedin LLC, a Delawarelimited liability company based out of Chicago, for a mere $10million. The sale price represents $55,555 per unit and $58.41 persquare foot.

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Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zach Amesall of Franklin Street, represented both sides in the transaction.The property is 93% occupied but in need of some significantcapital expenditures.

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Was it worth it? Apparently, there was more than one takeer.

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“It's rare to see an owner keep an apartmentproperty this long,” Goldfinger tells GlobeSt.com. “The propertyenjoys a great location with good visibility in the dynamic Dunedinarea. We had significant interest and with time, we were able tofind a buyer that understood the future value there.”

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Windemere Apartments is located at 1763 Main Street in Dunedin.The multifamily community offers one-, two-, andthree-bedroom units.

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“The buyer is planning a massive rehab and repositioning of theproperty,” Kattan tells GlobeSt.com. “They will take it from anon-renovated, 1974-vintage property to practically brand new whichwill attract a new tenant base at much higher rents.”

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A full interior and exterior renovation is planned. The workincludes common areas and landscaping. Themultifamily community is located minutes from USHighway 19 and downtown Dunedin with access to several beaches,shopping, restaurants, and entertainment.

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