St. Petersburg Apartments Get Million-Dollar Facelift

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 Praedium Group.

According to Chris MacNaughton, Greystar's senior 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, says "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 is a 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 $2 million.

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.

The property 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.

Writer: Missy Kavanaugh
Source: Chris MacNaughton, Greystar Real Estate Partners
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