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.
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.
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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