Nashville, Tennessee– Covenant Capital Group, LLC today announces the March 22nd acquisition of the Crosswinds apartment community in St. Petersburg, Florida.
A commingled fund managed by Covenant Capital Group has acquired Crosswinds Apartments, a 208-unit apartment community for $13.1 million. This is the thirteenth asset acquired in the $140 million Fund. JMG Realty will manage the property. The Fund obtained a new $10.47 million mortgage provided by Freddie Mac. The fund will target additional value-add investments in apartment communities throughout the United States.
Jeff Seiters, Senior Vice President of Covenant Capital Group said: “Crosswind’s central location provides exceptional proximity to Tampa’s central business district as well as employment centers in both St. Petersburg and Clearwater. The institutionally owned asset was built in 1987 and, while well maintained, lacks modern amenities and interior finishes. The Fund’s value-add renovation strategy will improve curb appeal, enhance amenities, and update apartment interiors. These improvements will allow Crosswinds to better compete with newer assets in the marketplace while leveraging its highly desirable location.”