NASHVILLE, Tenn.--(BUSINESS WIRE)--Covenant Capital Group, LLC (“Covenant”), a leading real estate investment manager with an exclusive focus on value-add investments in apartment communities, sold Seven Lakes at Carrollwood, a 640-unit multifamily property located in Tampa, Florida.
Seven Lakes at Carrollwood, a garden style apartment community located in Tampa, Florida, sold in October. The multifamily property sits on over 39 acres and offers residents unique amenities like a sparkling swimming pool, fully equipped fitness center, and an upscale clubhouse. Seven Lakes at Carrollwood required a comprehensive renovation of the interiors, exteriors and amenities of the property to be in line with current renters’ expectations. The property is nearby abundant retail options at the Plaza Citrus Park Mall, Westfield Citrus Park Mall and the Westchase Town Center – all within a ten-mile radius of Seven Lakes at Carrollwood. Also, the property’s strategic location in Tampa offers one of the most dynamic economies in the state, driven by financial services, healthcare and education.
Seven Lakes at Carrollwood exemplifies Covenant’s philosophy of revitalizing and extending the lifespan of strategically important apartment communities. According to NMHC and NAA’s latest research on housing demand, an estimated 4.3 million housing units need to be built by 2035 and an additional 3.7 million after 2035 to keep up with annual projected demand.1
“The U.S. can’t meet the growing nationwide need for apartment inventory without preserving and extending the lifespan of existing units that are falling into disrepair,” said Govan D. White, managing partner and co-founder of Covenant Capital Group. “Covenant has invested heavily to update communities and make vast improvements in environmental efficiencies, adding to long-term sustainability. This keeps valuable housing inventory in high-growth areas affordable and accessible.”
About Covenant Capital Group
Covenant Capital Group, a real estate investment management company formed in 2001 by Rick Scarola and Govan White, focuses on value-add investments in apartment communities located in the southeast, southwest, and mid-Atlantic regions of the United States. Headquartered in Nashville, Tennessee, Covenant has over $2 billion of assets under management and manages real estate investments with over 16,700 apartment units in more than 25 markets throughout the United States. Covenant is a signatory to the United Nations Principles of Responsible Investing.
Covenant is co-managed by partners Rick Scarola and Govan White. They have worked together for over two decades and the firm’s leadership team has operated through multiple economic cycles to refine its strategy in a multitude of conditions. Covenant’s clients are a diversified mix of public and private retirement systems, foundations, endowments, and private investors.