Lubert-Adler of Philadelphia, PA has acquired The Cove waterfront apartment community in Tampa, FL in a joint venture with The Laramar Group for $50.5 million. The property was sold via an Internet-based auction by LNR Property LLC following a 2011 foreclosure. The previous owner had planned a condominium conversion. Built in 1980, The Cove enjoys a resort-like waterfront location on Tampa Bay, with a swimming pool, clubhouse, and lushly landscaped sundeck overlooking the water. The new ownership plans a $3 million repair and renovation program including upgrades to the property’s clubhouse and creation of an outdoor recreational area including a dog park.