Newmark Knight Frank Multifamily, a commercial real estate advisory firm, has sold and financed a two-property, 454-unit value-add portfolio in Pinellas County, Fla., for $63.7 million to a joint venture comprised of TruAmerica Multifamily and RSE Capital Partners.
The assets consist of Runaway Bay and Twin Lakes, which were constructed in 1984 and 1986, respectively. They both received significant capital investment with regards to amenities and exteriors, according to Newmark Knight Frank.
Together, they are 97 percent occupied.
“Twin Lakes and Runaway Bay presented a fantastic value-add opportunity with interior renovation potential and a high barrier to entry location off US 19 in Pinellas County, the most densely populated county in Florida,” said Pat
