Greystar, Praedium close on Lincoln Shores

ST. PETERSBURG - Greystar Real Estate Partners and The Praedium Group announced their joint venture acquisition of Lincoln Shores, a 631-unit apartment property in St Petersburg. Built in 1984, Lincoln Shores sits on more than 52 acres on 4th Street North in the Gateway Corridor of St Petersburg.

“The Tampa/St Petersburg apartment market has been very hard hit over the past three years,” said Mark Hafner, managing director at Greystar. “However, we began to see the velocity of the performance decline in our portfolio decrease in the summer and have since seen same-store occupancies increase across most of the 5,000 units we manage in the Tampa/St Petersburg market.

“With virtually no multifamily or single-family housing supply coming online, we believe the Tampa apartment market is poised for robust recovery over the next several years,” added Hafner.

Lincoln Shores is the second apartment acquisition Greystar has made in Florida recently. In an unrelated transaction in December, Greystar acquired Viridian Lakes and the Beach Club, two properties totaling 640 units in Fort Myers.

Praedium is currently investing its $900 million real estate private equity fund, Praedium Fund VII, and has been active in the region.