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Florida & Gulf Coast  + Central Florida  + Apartments  | 
Dominium has sold Genesis Apartments in Clearwater for $80.2 million.

Dominium’s Renovation Efforts Result in $80M Sale of Clearwater Multifamily

Cushman & Wakefield has arranged the $80.2-million sale of Genesis Apartments, a 372-unit multifamily Clearwater, FL. The property was built in the 1970s and was 95% leased at sale.

Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller, Dominium, and buyer, a local investment company, in the transaction.

“Genesis was significantly renovated by the seller to the tune of over $31,000 per unit,” said Donaldson. “We typically don’t see that level of capital expenditures infused into a property but in this case, it transformed the community into a highly desirable class ‘B+’ asset, effectively allowing it to compete with newer vintage communities in the area.”

“When we started to market Genesis, we saw lease trade-outs at the property as high as $600 in some instances,” added Meoli. “We have continued to see this heightened growth throughout the Tampa Bay area with most submarkets experiencing over 20% annual rent increases.”

Eric Fixler and Chandler Kaye with CBRE arranged a $71.3-million acquisition loan on behalf of the borrower.


Inside The Story

Cushman & Wakefield's Donaldson

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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