TAMPA, FL—In an Internet-based auction following a 2011foreclosure, The Cove has sold for $50.5 million.Philadelphia-based Lubert-Adler acquired theTampa, FL waterfront multifamily community in ajoint venture with Lamar Group.
LNR Property auctioned themultifamily asset. The previous owner had planneda condo conversion. Laramar, which manages about 3,500multifamily units across Central Florida, ownedCove from 1999 to 2005. The new owners have commissioned Laramar tomanage the property.
Cove seems to fit nicely into Lubert-Adler's acquisitionstrategy. The firm, which invests on behalf of leading nationaluniversity endowments and state retirement systems, is focused oncreating "significant" current cash yield from mid-market sizerental assets through value-add executions.
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