Investors buy Clearwater apartments for $80 million, plan upgrades
By Breanne Williams
Tampa Bay Business Journal
Published: Apr 5, 2022

Genesis Apartments in Clearwater has been sold in an $80.2 million deal, according to CBRE.

The 372-unit apartments, 530 Fairwood Ave., were purchased by a private investor.

CBRE Capital Markets’ Debt & Structured Finance secured $71.25 million in acquisition financing; Eric Fixler and Chandler Kaye with CBRE arranged the loan on behalf of the borrower. The sale price breaks down to approximately $215,591 per unit.

“The recent improvements to this property coupled with rent growth presented a fantastic opportunity for our client,” Fixler, an executive vice president at CBRE, said in a statement. “We were able to secure a senior loan with layered mezzanine financing representing 87% loan-to-cost, designed to provide management the opportunity to move quickly and maximize value in the property. The buyer’s planned additional improvements and management capabilities will continue to see operational improvements and increased value at the property.”

CBRE told the Tampa Bay Business Journal the new owner intends to “invest an additional $1.5 million in capital improvements,” on the site.

Genesis Apartments was built in 1972 and features 22 buildings. There are one-, two- and three-bedroom floor plans, and units are an average size of 920 square feet. Amenities include a pool, fitness center, clubhouse with a café, tennis courts and a car care center.