Westshore apartments sell for $132 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 23, 2022

A large apartment complex on the Westshore waterfront has been sold to a Dallas investment firm for more than $132 million.

The 689-unit Cove on the Bay at 4003 S. Westshore Blvd. sold to Lurin on June 16, according to a Hillsborough County deed filed Wednesday. The price per unit is $192,805.

Lurin secured a $118 million mortgage for the acquisition from Acore Capital Mortgage LP, according to property records.

The Cove last sold in 2018 for just over $140,000 per apartment. Built in 1979, the Cove occupies 22.6 acres on the Westshore waterfront, about 1 mile north of Gandy Boulevard.

The Tampa Bay area's multifamily market has been hot for close to a decade, but investor and developer interest has grown tremendously in the wake of the Covid-19 pandemic as residents flocked to Florida from states in the Northeast and Midwest with strict Covid protocols and higher taxes.