Waterfront South Tampa apartments sold for $132.8M

A 689-unit apartment complex in South Tampa sold for $132.8 million last week, according to Hillsborough County records.

Dallas real estate investment firm Lurin purchased The Cove On The Bay at 4003 S West Shore Blvd. from New York-based Gamma Real Estate on June 21. The sale was facilitated by commercial real estate firm Berkadia.

The waterfront complex offers studio, one- and two-bedroom apartments and a range of amenities, including three swimming pools, a fishing pier and a kayak launch. Rent runs between $1,561 and $1,714 for a 495-square-foot studio and $2,430 to $2,767 for an 872-square-foot, two-bedroom, two-bathroom, according to the Cove on the Bay’s website.

“The Cove represents a unique opportunity to acquire a value-add community with an irreplaceable waterfront location in South Tampa,” Jason Stanton, senior managing director for Berkadia, said in a statement. “The new owner has plans to renovate units and enhance the property’s amenity package.”

According to the company’s website, Lurin owns several other apartments in the area including Elements on Third and Milo Bayside in St. Petersburg.