Southeast Property Group, led by Principles Joe Rubin and Richard Shuster, recently closed on an 80-unit multifamily property in Port Richey, located in Pasco County, Florida.
Pasco County has emerged as a prime destination for real estate investors eyeing multifamily properties. Both population and job growth have expanded due to the recent urban sprawl pushing north from Tampa as prices have increased and the city has become overcrowded.
A project spearheaded by Lennar Homes called Angeline will bring 30,000 new homes, 26M sq ft of office and retail and Moffit Cancer Center plans to bring 14,500 new jobs to their newly planned campus. These projects along with several others are solidifying Pasco County as a place people want to live and investors want to invest in.
SEPG was able to come up with creative solutions to get the deal over the finish line in extremely challenging debt and insurance markets. “We are excited and proud to be able to add to our portfolio in challenging times, further adding to our economies of scale in the Tampa MSA,” said Joe Rubin, Principal of SEPG. This acquisition closes out the 330th unit purchased by SEPG in the past two years.
The property will be re-branded as Coral Key Apartments and is located at 9920 Grace Drive and will go through a renovation program to modernize unit interiors, enhancement and expansion of on-site amenities and common areas and overall beautification of the exterior curb appeal. “We plan to significantly improve the resident experience, as we have done at many of our other properties. Resident experience is paramount to what we do here at SEPG and we are incredibly excited to get moving with our improvement plan,” said Richard Shuster, Principal of SEPG.
Southeast Property Group is located in Fort Lauderdale, Florida and focuses on income producing multifamily properties in growing primary and secondary markets throughout the southeastern United States.