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Waterfront South Tampa apartments sold for $132.8M

The Cove on The Bay was purchased by a Dallas real estate investment firm.
The Cove On The Bay apartment complex in South Tampa sold for $132.8 million on June 21.
The Cove On The Bay apartment complex in South Tampa sold for $132.8 million on June 21. [ Berkadia ]
Published Jun. 29|Updated Jun. 29

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 three other apartments in the area — Elements on Third and Milo Bayside in St. Petersburg and The Delmar in Tampa.

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