Ashcroft Capital Managers Acquires Florida Property for $56M

Woodland Key Apartments. Image courtesy of Cushman & Wakefield

Ashcroft Capital Managers LLC has acquired Woodland Key Apartments in Clearwater, Fla., for $55.8 million. Cushman & Wakefield represented the seller, Kimball Key LLC, in the transaction. The new owner has rebranded the 416-unit partially renovated, value-add property at 2770 Roosevelt Blvd., Anthem Clearwater.

Built on approximately 24 acres, Anthem Clearwater is 95 percent occupied. The property features 650-square-foot one-bedroom and 940-square-foot two-bedroom apartments. Residences feature in-unit washers and dryers, window coverings, carpeting and large bedrooms. Two swimming pools with sundecks top the list of common-area amenities.

“Navigating through the start of the pandemic posed several logistical challenges, which delayed the process and increased scrutiny of the deal’s operations,” Cushman & Wakefield Executive Managing Director Nick Meoli told Multi-Housing News.

“We were hyper focused on every detail of the property’s operations along with the seller, and provided bi-weekly updates to the buyer allowing them to secure agency debt in a timely manner. In addition, we worked closely with on-site management to secure inspections with as little disturbance to residents as possible.” 

Barriers to entry

The property is situated in Feather Sound/High Point, a high barrier-to-entry submarket of the city. Major job hubs nearby include Carillon Business Park, St. Petersburg-Clearwater International Airport and the Gateway Business District. Collectively, these employment centers provide almost 200,000 jobs within a 15-minute commute of Anthem Clearwater. 

The apartment community is within three minutes of a trio of shopping centers, and within 11.5 miles of five major parks and recreational amenities.

More than $10.5 million in capital improvements to the 36-year-old, two-story apartment community were undertaken within the past two years by previous ownership. Despite those enhancements, Anthem Clearwater is well positioned for a value-add program involving interior improvements that could add more than $200 monthly to market rents.

Additional value-add is attainable by recapturing the approximately $380,000 loss-to-lease and by adding extras like valet trash service, an amenity commonly offered in the area.

Last month, Cushman & Wakefield represented The RADCO Cos. in an Atlanta transaction.