Breathing New Life Into Multifamily Investments: Covenant Capital Group’s Success with Seven Lakes at Carrollwood
In the multifamily real estate world, it’s no longer enough just to snap up properties and hold on to them indefinitely. Successful investment requires focused-as-a-laser-attention, dedication to renovation, and a deep understanding of the market – as Covenant Capital Group, a leader in real estate investment management can attest to.
The laudable sale of their recently revitalized Seven Lakes at Carrollwood in Tampa, Florida, reverberates as the latest example of their high impact value-add investment strategy. This 640-unit multifamily development is not just a cluster of residential units but exemplifies how strategic value-add plays can turn apartment communities into living assets.
Grounded in a focus on renewal, the renovation of Seven Lakes proves that true value-add goes beyond mulling over property developmental prospects. It requires a comprehensive rethinking of potentials – from interiors, exteriors to top-notch amenities. Seven Lakes now boasts a sparkling swimming pool, a fully equipped fitness center, and an upscale clubhouse suiting the demands of modern renters.
As location continues to be pivotal in real estate, the property sits at a junction of several retail options including Plaza Citrus Park Mall, Westfield Citrus Park Mall, and the Westchase Town Center. Not to mention, it stands at the core of one of Florida’s dynamic economies favored by the perfect trinity of financial services, healthcare, and education sectors.
Multifamily leadership requires an extension beyond riding on location merits and community revamps. Take an instance from Covenant. It has mastered the art of injecting longevity, relevancy and hence, profitability into its key apartment communities without losing sight of the larger market landscape.
NMHC and NAA’s research makes it clear – the United States needs an estimated 4.3 million housing units by 2035, and further 3.7 million post-2035. The daunting task isn’t just about constructing new units, but according to Covenant’s Co-founder, Govan D. White, is also about “preserving and extending the lifespan of existing units that are falling into disrepair.”
Through its investments, Covenant is not merely avoiding disrepair but taking strides in environmental efficiency to maintain affordability and accessibility in high-growth areas. The transformation of Seven Lakes at Carrollwood embodies this approach gracefully.
Far from just being a positive phrase, value-add is hard, focused work, and Covenant Capital Group shows just how it can culminate in assets built to thrive. As we grapple with inevitable urban growth, let successful multifamily investments like these be our guide. That, indeed, is multifamily leadership in action.