CLEARWATER, FL—Capstone Apartment Partners recently brokered the sale of Laurel Park Apartments: a 32-unit, villa-style property located in Clearwater, FL. The property was purchased by a locally based investment group for $2,350,000, or $73,437 per unit. Capstone Apartment Partners’ marketing efforts allowed the seller to recognize a 50% property value increase within 20 months.
Laurel Park was built in 1981 and features large single-story one, two, and three-bedroom floorplans and offers amenities such as washer/dryer connections, a swimming pool, and an on-site leasing office. The management team, Palm Communities, and seller recently completed over $200,000 in capital improvements, including new roofs, partial interior unit renovations, upgrade of current amenities, exterior paint, and other miscellaneous updates. The property offered investors the opportunity to continue the execution of ongoing renovations to increase net income.
Located in Pinellas County, the most densely populated county in Florida, Laurel Park is within 3 miles of Clearwater Beach and less than 30 minutes from Tampa and St. Petersburg. This ideal location offers residents easy access to numerous economic demand drivers and an abundance of retail, dining, and entertainment options. The property was 100% occupied at the time of sale.
Jad Richa and Brian Hunsicker of Capstone Apartment Partners’ Tampa office represented both the buyer and the seller in the transaction.