Frankforter buys Livingston Apartments for $58.5m

Frankforter Group acquired the Livingston Apartments, a 448-unit residential complex in Lutz, Florida, from Cortland for $58.5m. Located 15 miles north of Tampa, the buyer plans to upgrade the property’s interior and common area amenities, which include a fitness and business center, dog park, swimming pool and 900 parking spaces. “The value-add aspect of Livingston is in line with the Frankforter Group strategy,” said Stephane Benalal, the company’s director of acquisitions. “Tampa is growing in all aspects, and we are looking to continue investing in that market.”