South Florida Community Trades for $16M
- Sep 12, 2019
DLS Partners has acquired Oak Ridge, a 137-unit community in Largo, Fla., for $15.9 million, or $116,350 per unit. Cushman & Wakefield arranged the transaction on behalf of the seller, HKSK Corp. JLL secured a $13.2 million Fannie Mae acquisition loan on behalf of the buyer, according to Yardi Matrix.
Oak Ridge Apartments occupies around 12.6 acres at 13333 Ridge Road, alongside Freeway 688. The property is approximately 2 miles from downtown Largo and provides easy access to the St. Pete-Clearwater International Airport. Additionally, the community is just off the Ulmerton and Ridge Road bus stops.
Constructed in 1974, the 10-building community comprises 750-square-foot one-bedroom units and two- and three-bedroom townhomes, ranging from 970 to 1,198 square feet. Around 70 percent of the units have undergone renovations, with upgrades including new cabinetry, countertops, appliances, flooring and lighting. Community amenities include two swimming pools with clubhouses.
Cushman & Wakefield’s brokerage team included Executive Directors Nick Meoli and Mike Donaldson. In August, the duo also facilitated the $43 million sale of a 312-unit community in North Port, Fla.