Greystar Acquires Tampa-Area Community for $44M
The Radco Cos. sold the 228-unit property in Clearwater, Fla., after picking it up in 2015.
Greystar has acquired City Park Clearwater, a 228-unit community in Clearwater, Fla., from The RADCO Cos. Newmark Knight Frank represented the seller and arranged acquisition financing on behalf of the buyer. According to Yardi Matrix, the asset changed hands for $43.5 million. RADCO acquired the property in 2015 for $29.8 million.
Built in 1990, the pet-friendly community comprises one-, two- and three-bedroom apartments with open floorplans and updated kitchens and bathrooms. Common-area amenities include a swimming pool, fitness center, clubhouse, tennis court, spa and media room.
Located at 101 S. Old Coachman Road, on 7 acres, the nine-building asset sits at the intersection Highway 19 and State Route 60, west of Tampa. The surrounding area has several retail and dining options, including Clearwater Mall, which is within 1 mile of the property.
Newmark Knight Frank’s team included Patrick Dufour, Ryan Crowley and Andrew Visnick and Pibu Aulakh. Matt Greer and Andrew Wilson arranged the financing. In March, Dufour assisted the seller of Parke East, a 272-unit community in Orlando, Fla., which traded for $44.1 million.