Greystone Acquires Lumi Hyde Park Apartments in Tampa for $83M

Greystone & Co., a New York investment manager, has recently acquired Lumi Hyde Park, a 259-unit apartment complex in Tampa, Florida, for $83 million. This translates to approximately $320,462 per unit. The property was previously owned by Conti Capital of Dallas, who purchased it in 2022 for $115 million.

Loan Details

KeyBank has provided a $47.6 million loan for the acquisition, with a maturity date set for April 2026. Additionally, the loan includes a six-month extension option, offering flexibility in repayment.

Property Overview

Lumi Hyde Park, located at 1702 West Cleveland St., was constructed in 2015. The complex features a five-story structure with a diverse mix of studio, one-, two-, and three-bedroom units. These units range in size from 578 to 1,594 square feet. According to data from ApartmentFinder.com, monthly rents at Lumi Hyde Park range from $1,643 for studios to $4,110 for three-bedroom units with two bathrooms.