The Cove has sold for $50.5 million. Philadelphia-based Lubert-Adler acquired the Tampa, FL waterfront multifamily community in a joint venture with Lamar Group.
The previous owner had planned a condo conversion. Laramar, which manages about 3,500 multifamily units across Central Florida, owned Cove from 1999 to 2005. The new owners have commissioned Laramar to manage the property.
Cove seems to fit nicely into Lubert-Adler’s acquisition strategy. The firm, which invests on behalf of leading national university endowments and state retirement systems, is focused on creating “significant” current cash yield from mid-market size rental assets through value-add executions
Built in 1980, Cove has a waterfront location on Tampa Bay, with a swimming pool, clubhouse, and sundeck overlooking the water. Residents can walk, run, or bike historic Bayshore Boulevard, the bay’s longest continuous sidewalk.
Location-wise, Cove is near Interstate 75, Downtown Tampa, and Tampa International Airport. The Tampa Aquarium, cruise ship terminal, and spring training camps for several major league baseball teams are also nearby. Cove offers discounted rental opportunities to members of the military stationed at nearby MacDill Air Force Base, which employs more than 18,000 people.
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