Cypress Run Complex Gets New Name, Upgrades

The has a new name and is in the process of getting a new look.

This 408-unit facility on Bruce B. Downs Boulevard was sold on March 19 for $22.14 million, according CoStar Group, a commercial real estate information company.

Built in 1987, the facility is now called the Landmark at Grayson Park. A message left for the property manager about the ownership change was not immediately returned.

But according to Grayson Park's Facebook page, a major facelift has already started taking place.

“Landmark Residential is providing an experienced on-site management and maintenance team and a multi-million dollar renovation that will upgrade our amenities and apartment homes within the next few months,” the page reads. “We look forward to providing a comfortable and clean living environment and a consistently high level of customer service to all our residents."

The recorded buyer of the sale was Landmark at Grayson Park, LP and the recorded seller was Cypress Run Investment Property, LLC. The true buyer was Landmark Residential and the true seller was CFH Group in Miami, according to CoStar.

With 338,200 square feet of space in the complex, the selling price breaks down to $65.45 per square foot.

Landmark Residential owns properties in seven different states, including several in the Tampa Bay area. 

According to the Gulf Coast Business Review, the New Tampa property was sold in 2005 for $23.75 million.