Capstone Closes $3.2 Million Sale of 55+ Apartment Community in Palm Harbor, FL

TAMPA, FL—Capstone Apartment Partners announces the $3,247,500 sale of Lake Tarpon Apartments: a 55+ age-restricted, 40-unit apartment community located in Palm Harbor, Florida. Capstone’s Jad Richa, Brian Hunsicker, and Tom Huffsmith had the exclusive listing to market the property and successfully sourced the local buyer.

“The buyer was attracted to the turn-key investment opportunity with strong rental history and was able to act quickly with an aggressive closing timeframe that piqued the seller’s interest,” said Hunsicker. “Although we are amidst unprecedented times with the COVID-19 pandemic, we were not only able to create a win-win scenario for both parties, but we were able to execute at original contract pricing.”

“Having previously sold Lake Tarpon to the seller and remaining close to the property operations ever since, this transaction has allowed the seller to recognize a 35%+ return on investment since acquiring the asset early in this real estate cycle,” added Richa.

Lake Tarpon Apartments is a garden-style community built in 1970 with a mix of spacious one- and two-bedroom units. Residents enjoy access to shared amenities within the Village of Lake Tarpon Subdivision including a swimming pool, clubhouse, shuffleboard courts, and boat docks providing direct access to Lake Tarpon.