TLR Group Acquires Genesis Apartments in Clearwater for $80.2M

TLR Group, a Miami-based real estate investment firm, has acquired the Genesis Apartments in Clearwater for $80.2 million. The 372-unit multifamily property is located at 530 Fairwood Ave. and was sold by an unnamed seller.

The property was built in 1986 and sits on 19.5 acres of land. It features a mix of one-, two-, and three-bedroom units, with an average unit size of 1,000 square feet. The property also includes a fitness center, swimming pool, and tennis court.

Eric Fixler of CBRE Capital Markets served as the mortgage broker for the transaction. The sale price of 80.2 million translates to a per-unit price of 215,591.

Clearwater is a popular destination for both tourists and residents, with its beautiful beaches and warm weather. The city has a strong rental market, with a vacancy rate of just 3.5% as of the end of 2021, according to data from CBRE.

TLR Group has been active in the multifamily space in recent years, with a focus on value-add opportunities. The firm has acquired several properties in Florida, including the MIA Apartments in Miami, which it purchased for $56.5 million in 2020.

The acquisition of Genesis Apartments is a strategic move for TLR Group, as it expands the firm’s presence in the Tampa Bay area. The property is well-positioned for future growth, with strong demand for rental housing in the region and opportunities for value-add improvements.

Overall, the acquisition of Genesis Apartments is a positive development for TLR Group and the Clearwater multifamily market. With the help of Eric Fixler and CBRE Capital Markets, TLR Group was able to secure a high-quality asset at a favorable price, and the property is poised for continued success in the years to come.