DRW Real Estate Investments buys, renovating Windermere Apartments

BUYER: Liv at Dunedin LLC (Convexity Management LLC), Chicago
SELLER: SES Group-Widemere Ltd.
PROPERTY: 1763 Main St., Dunedin
PRICE: $10 million
LAW FIRM ON DEED: Woods & Woods PA, Orlando

PLANS, DESCRIPTION:
Chicago-based DRW Real Estate Investments LLC purchased the 180-unit Windermere Apartments on Main Street for $10 million.

The price equated to $55,556 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Built in 1973, the 171,200-square-foot development occupies a 14.05-acre parcel. Units range from one to three bedrooms and have an average of 951 square feet of living space. Its amenities include a playground and swimming pool.

The apartment's occupancy was in the mid-90% range at the time of the sale.

The new owner has hired St. Petersburg-based Weller Residential to manage the property and handle a major renovation of it scheduled to start this summer. The exact improvements are still being developed but will cover new roofs, paint, architectural details and lighting on the exteriors, with new appliances, cabinets and flooring being added to interiors. New amenities are planned as well.

“The buildings were in great shape, but the look is '70s vintage,” says George Quay, managing partner at Weller Residential. “Because of where it is located and what's happening in Dunedin it makes sense to improve and modernize it. We are working with the city on permitting and plans for the exterior right now.”

Weller Residential plans to offer to transfer existing residents to renovated units so that those empty units can be renovated. The goal is to have all the improvements completed by late 2015 or early 2016.

Along with the renovation, the property is being renamed Liv at Main.

Started in 2012, Weller Residential has acquired seven properties and manages more than 1,500 units, including the Urban Style Flats in St. Petersburg, Liv at Coachman in Clearwater and Liv at Boca Ciega in South Pasadena.

Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street handled the transaction.