Lincoln Shores Apartments, located at 11601 4th Street North in St.
Petersburg, has undergone significant upgrades in recent months, thanks
to a joint venture between Greystar Real Estate Partners and The
According to Chris MacNaughton,
director of asset management, the property was attractive to both
parties due to the location and its demographic potential. "We think
it's a great investment with a great history for attracting young
people," says MacNaughton. The 4th Street area is a hotbed for apartment
living. We think there is a lot of potential in the Tampa Bay area."
David Dowell, vice president at Praedium
"This investment was very attractive to us due to its stabilized
occupancy, excellent physical condition and central location within the
greater Tampa / St. Petersburg market. We believe a renewed focus on
management will allow us to enhance property value."Lincoln Shores
631-unit lakeside community located close to the Gandy Bridge
that connects Tampa
and St. Petersburg
across the waters of Tampa Bay. Built in 1984, the buildings on the
property have been renovated a few times; but this time to the tune of
MacNaughton says renovations
include completely overhauling the clubhouse, improving the property's
three pools, installing new pool furniture, designing a dog park, and
upgrading the fitness center and its equipment. Environmental efforts
include energy efficient systems and appliances as well as a drainage
system that will prevent erosion.
houses 35 buildings of one- and two-bedroom apartments that range in
size from 600 square feet to 1,000 square feet, and prices ranging from
$550 and $700 to $850 and $1,000. MacNaughton cautions that prices can
change due to trends dictated by the economy and demand.
Source: Chris MacNaughton, Greystar Real