TLR Group has purchased the 22-building Genesis Apartments in Clearwater, Fla., for $80.2 million, from Dominium. CBRE Capital Markets provided $71 million in acquisition financing for the transaction and Cushman & Wakefield represented the buyer and seller in the deal.
The 372-unit property, located at 530 Fairwood Ave., features one-, two- and three-bedroom residences, ranging from 650 square feet to 1,259 square feet. The two-story buildings were developed on 9 acres of land in Pinellas County, with construction completed in 1974.
Apartment amenities can include semi-private entry, over-size windows, wood-plank floors, walk-in closets and washer/dryer hook ups. Private balconies/patios and washers/dryers may be available in select units. Genesis Apartments residents can access conveniences such as a dog park, a pool, a fitness center, a car care center, a tennis court and a clubhouse with a café. The property has 600 parking spaces.
Genesis Apartments is close to the intersection of SR 60 and US 19, allowing residents to reach Tampa to the west and St. Petersburg to the south.
CBRE noted the private investor has budgeted $1.5 million in capital improvements to increase the marketability and curb appeal of the multifamily asset. The effort will include branding and signage and amenity upgrades to the dog park, pool furniture and gym. The buyer intends to reactivate the property’s second pool, which was previously drained, and construct a maintenance shop.
Eric Fixler and Chandler Kaye with CBRE arranged the loan on behalf of the borrower. Mike Donaldson and Nick Meoli with Cushman & Wakefield represented both parties.