CBRE Arranged $13.34 Million Sale of 92-Unit Multifamily Community in Port Richey, Fla

CBRE arranged the $13.34 million sale of Cottage Court, a 92-unit multifamily community in Port Richey, Fla., to Prosperity Capital Partners, a multi-family operator. The seller was Michaelson Group, a Jacksonville-based property management group.

Joe Thavis, Michael Regan and Frank Carriera of CBRE Capital Markets in Tampa represented both the buyer and seller in this transaction.

Located at 7110 Tudar Lane, the community comprises single story, villa-style buildings and features a majority two-bedroom, two-bathroom floor plans. Amenities include a renovated clubhouse with fountain views, revamped pool area with propane grilling stations, a dog park and washer/dryer connections in all units.

Prosperity Capital Partners plans to fully upgrade all unit interiors and complete minor exterior improvements.

“This closing marks the fifth acquisition for Prosperity Capital Partners in Pasco County within the last year, demonstrating the area’s strength,” said Joe Thavis, a vice president with CBRE. “Renovations will add value to an already desirable property.”

Tampa is one of the top six Sun Belt multifamily markets according to CBRE research. Residents have flocked to cities like Tampa where they can rent higher-quality space for at a more affordable price than in the large metros. This migration has incentivized new construction and value-add renovations, like what is planned for Cottage Court, across the Sun Belt.