Frankforter Group Buys Tampa-Area Asset for $59M
Cortland sold the 448-unit community in Lutz, Fla., after six years of ownership. The buyer plans more capital improvements to the 1986-vintage property.
The Livingston. Image courtesy of Frankforter Group
Frankforter Group has acquired The Livingston Apartments, a 448-unit multifamily community just north of Tampa, Fla., for $58.5 million, according to Yardi Matrix data. Built in 1986, the property is located at 15420 Livingston Ave. in Lutz, 15 miles north of Tampa.
The seller, Cortland, invested in major capital improvements in recent years after purchasing the asset for $26.8 million in 2013. Frankforter plans to enhance the asset by spending $2 million on interior and common area amenities.
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The property is situated on 24 acres a few miles from the University of South Florida and has a mix of one-, two- and three-bedroom apartments. Units come with washers and dryers as well as vaulted ceilings, and common amenities include a fitness center, business center, dog park and swimming pool along with 900 parking spaces.
“The value-add aspect of Livingston is in line with the Frankforter Group strategy,” commented Stephane Benalal, the company’s director of acquisitions to Multi-Housing News. “Tampa is growing in all aspects and we are looking to continue investing in that market.”
Elsewhere in Tampa, the private real estate investment firm also owns Sweetwater Cove, a 288-unit community that it picked up last October, as well as Oak Bend, a 112-unit asset that it acquired in 2017.
The company, which now has a portfolio of more than 5,000 units, is also active in Alabama and Georgia. In May, Frankforter boosted its Atlanta-area portfolio by acquiring a 623-unit multifamily portfolio in Decatur, Ga., for $39.5 million.
