Acquisition of Cottage Court Apartments enhances workforce housing in Tampa, while also providing an attractive investment opportunity.
Largo, FL / The nation’s top housing analysts agree that the supply of affordable workforce housing in many areas of the United States has steadily lagged behind the demand.
A wide swath of workforce housing communities in the Southeast in particular are located in aging apartment complexes that provide their residents with less-than-optimal living conditions. This is the case in the Tampa Metro Area, which, due to the robust local economy, has experienced significant inbound migration in recent years.
Randy Lawrence, CEO of Prosperity Capital Partners, strives to make the Tampa MSA an even better place to live for this influx of working Americans.
With the recent acquisition of Cottage Court Apartment Homes, a 92-unit Multifamily complex in the Tampa MSA, Lawrence furthers his mission to improve the living conditions and the community for residents.
“I’m proud of how we at PCP are working to provide affordable workforce housing. A big piece of our corporate mission is to improve the lives of regular working Americans. This acquisition also provides our private investors the opportunity to participate in this mission, which I view as a major win for everybody,” Lawrence said.
Lawrence is particularly focused on expanding the affordable housing stock in the Florida market. Cottage Court is just one of several recently acquired apartment communities in the state.
After the acquisition of these communities, Prosperity Capital Partners typically begins a process of updating and modernizing each of the apartment units, as well as the common areas, in order to create better living conditions for the residents.
Within three years of acquisition of one of these apartment complexes, they will have been fully renovated, thus improving the surrounding communities and serving to attract hardworking families to a part of Tampa experiencing high job growth.
By acquiring and then adding value to these apartment communities, Prosperity Capital Partners also creates an opportunity for individual investors to participate passively as Limited Partners.
For more information about Prosperity Capital Partners’ multifamily investment opportunities, contact them at 727-274-9200
About Prosperity Capital Partners
In business since 2003, Prosperity Capital Partners currently owns or manages 2,200 units in the Sunbelt, with a portfolio value of $250MM. Its mission is to provide secure, long-term investment opportunities to private investors in order to create generational wealth through passive income and significant tax advantages while making impactful improvements in the apartment communities they own and manage so that residents experience a better quality of life.
12945 Seminole Blvd Building 1 Suite 15