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Franklin Street Negotiates Sale of Metro Orlando Apartments for $17.9 Million

Franklin Street negotiated the off-market sale of Wymore Grove Apartments, a 200-unit, multifamily complex located in the affluent Altamonte Springs submarket of Orlando for $17.9 million. The sales price represents $89,500 per unit.

Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zachary Ames of Franklin Street represented the locally-based seller, Wymore Grove Partnership, and the buyer, 360 Wymore ROI LP, an Israeli-based syndicator, in the transaction. The seller had owned the property since 1991.

“The owner held the asset for 27 years, which is unique with respect to Florida apartments, and we attracted heavy demand from multiple investors,” said Kattan, managing director of multifamily investment sales for Franklin Street’s Tampa office. “This transaction shows the continued strength of the Central Florida multifamily marketplace.”

Located at 360 Wymore Grove Road near I-4 and the Maitland Center, the complex was built in 1973. The property features a swimming pool, tennis courts and a fitness center. The new owner plans to begin an extensive capital improvement program to upgrade the property exterior, common areas and unit interiors.

About Franklin Street
Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

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Franklin Street Negotiates Sale of Metro Orlando Apartments for $17.9M

Franklin Street negotiated the off-market sale of Wymore Grove Apartments, a 200-unit, multifamily complex located in the affluent Altamonte Springs submarket of Orlando for $17.9 million. The sales price represents $89,500 per unit.  

Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zachary Ames of Franklin Street represented the locally-based seller, Wymore Grove Partnership, and the buyer, 360 Wymore ROI LP, an Israeli-based syndicator, in the transaction.  The seller had owned the property since 1991.  

“The owner held the asset for 27 years, which is unique with respect to Florida apartments, and we attracted heavy demand from multiple investors,” said Kattan, managing director of multifamily investment sales for Franklin Street’s Tampa office.  “This transaction shows the continued strength of the Central Florida multifamily marketplace.”

Located at 360 Wymore Grove Road near I-4 and the Maitland Center, the complex was built in 1973. The property features a swimming pool, tennis courts and a fitness center. The new owner plans to begin an extensive capital improvement program to upgrade the property exterior, common areas and unit interiors.

 
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Atlanta Area Retail Developers Focus On High Rents, Property Costs

ATLANTA, GA—Three senior leaders of Franklin Street say retail developers in the Atlanta market are concerned about high rents and rising property costs, while focusing simultaneously on urban core redevelopments and the creation of newer, more vibrant suburban experiences. The conversation included Monetha Cobb, managing director; and Greg Eisenman and Sterling Hale, both senior directors. All three work in Franklin Street’s Retail Occupier Services.

For full story, visit http://www.globest.com/2018/04/26/atlanta-area-retail-developers-focus-on-high-rents-property-costs/?channel=markets&section=atlanta

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Tampa’s Taco Bus restaurant parking near UCF

Excerpted from Orlando Sentinel story.

The Tampa-based Taco Bus restaurant is coming to Orlando after signing a lease for a restaurant near UCF.

The brick-and-mortar restaurant, not an actual bus, plans to open this fall at 11325 Unversity Blvd., near the intersection with Rouse Road. It’s a building formerly occupied by Pie Five. 

Taco Bus has 10 locations in the Tampa area slinging tacos and other Mexican dishes including quesadillas and burritos with chicken, pork, beef and seafood fillings. It also serves light alcohol such as beer and sangria.

Taco Bus started as an actual mobile Mexican-food selling truck in 1996 before expanding to physical restaurants. And once a year all Taco Bus locations host a competition for competitors to wolf down a 2.5-pound “El Jefe Burrito” before their competitors for a chance win a championship belt and bragging rights.

“With its low-cost, high-value Mexican quick-service concept, Taco Bus’ first location in Orlando will offer customers an affordable fast-casual dining experience with the quality and value they deserve,” said Terrence Hart, senior director at Franklin Street’s Orlando office, the firm that represented the landlord in the deal. “East Orlando’s large residential and office worker populations and University Terrace’s location in a heavily-trafficked retail corridor along University Boulevard made it an ideal fit for them.”

The restaurant will go into a 2,484-square-foot space.

The area near UCF has been a hotspot for new restaurant concepts to the area with the first area locations for Huey Magoo’s and the area’s first Taco Bell Cantina restaurants.

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Westside apartment sold for $3.4 million

Excerpted from Jacksonville Business Journal story.

Four Jacksonville apartment complexes have been sold by their local owners to a New York-based investor for $3.4 million.

Robert and Elfreda Jones, according to property records, had owned Jammes Road Apartments, Wilson Boulevard Apartments, Firestone Apartments and Comet Apartments since the buildings’ construction between 1971 and 1975. Franklin Street’s Jim Reed brokered the deal on behalf of the seller, and the real estate company’s Robert Granda represented the buyer.

The complexes, which collectively include 122 apartment units, are all located in the southwest area of the city.

“These apartment units are popular for workforce housing, especially related to the industrial and commercial growth on the Westside, including Cecil Commerce Center and surrounding corridors,” Reed said in a release.

For full story, visit https://www.bizjournals.com/jacksonville/news/2018/04/25/westside-apartment-sold-for-3-4-million.html

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Franklin Street Brokers Sale of Multifamily Portfolio in Jacksonville’s Westside Neighborhood

Franklin Street’s North Florida office has brokered the sale of a four-property multifamily portfolio on Jacksonville’s Westside. The properties are collectively called the Westside Portfolio and include the Jammes Road Apartments, Wilson Boulevard Apartments, Firestone Apartments and Comet Apartments.

The seller is a local private investor whose ownership dates to the 1970s when the properties were constructed.  The buyer is a New York investor and owner of other multifamily units in Jacksonville. Franklin Street exclusively listed the property and the deal closed on Friday, April 20 at a total sale price of $3.4 million.

Real estate in the portfolio includes separate and distinct properties at 2506 Jammes Road (54 units) 6253 and 6259 Wilson Blvd. (32 units), 5537 Firestone Road (20 units) and 550 Comet Street (16 units). The portfolio includes nine buildings, all two stories, built between 1971 and 1975. The deal includes a total of 4.5 acres and more than 74,000 square feet of living space.

“We continue to see investors interested in the strong trends on the Westside,” said Jim Reed, director of investment sales at Franklin Street in Jacksonville, who brokered the deal on behalf of the seller. “These apartment units are popular for workforce housing, especially related to the industrial and commercial growth on the Westside, including Cecil Commerce Center and surrounding corridors.”

Robert Granda, a director of investment sales in Franklin Street’s Fort Lauderdale office, represented the buyer in the transaction.  All four apartment properties will continue to be operated as for-lease apartment homes.

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide.

Learn more about Franklin Street at FranklinSt.com. 

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SR Apartments Sells Orlando Asset for $17M

Excerpted from Multi-Housing News story.

SR Apartments LLC has sold CaSienna Apartments, a 160-unit, garden-style community located in southwest Orlando for $16.8 million. Managing Partner Robert Goldfinger, Managing Director Darron Kattan, Senior Director Kevin Kelleher and Director Zachary Ames of Franklin Street’s Tampa office arranged the transaction.

Located at 5703 Stoneridge Court, the property was built between 1972 and 1973 and comprises 16 one- and two-story buildings. Common-area amenities include:

* two swimming pools
* a clubhouse
* tennis courts
* playground
* extra storage space

“CaSienna offered the buyer an excellent value-add opportunity to invest in a stable asset with strong cash flow in the emerging market of Orlando,” said Kattan in prepared remarks. “The community’s long-term rental pool, high occupancy rates and easy access to local tourist attractions made it even more attractive for the investor.”

Interstate 4 and the Florida Turnpike are both easily accessible from the property. The Seasons Resort, Walmart, Oak Ridge Plaza, Bank of America and Orange Technical College are all located nearby,

For full story, visit https://www.multihousingnews.com/post/sr-apartments-sells-160-unit-orlando-community/

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Franklin Street Brokers Sale of Multifamily Portfolio on Jacksonville’s Westside

Franklin Street’s North Florida office has brokered the sale of a four-property multifamily portfolio on Jacksonville’s Westside. The properties are collectively called the Westside Portfolio and include the Jammes Road Apartments, Wilson Boulevard Apartments, Firestone Apartments and Comet Apartments.

The seller is a local private investor whose ownership dates to the 1970s when the properties were constructed.  The buyer is a New York investor and owner of other multifamily units in Jacksonville. Franklin Street exclusively listed the property and the deal closed on Friday, April 20 at a total sale price of $3.4 million. 

Real estate in the portfolio includes separate and distinct properties at 2506 Jammes Road (54 units) 6253 and 6259 Wilson Blvd. (32 units), 5537 Firestone Road (20 units) and 550 Comet Street (16 units). The portfolio includes nine buildings, all two stories, built between 1971 and 1975. The deal includes a total of 4.5 acres and more than 74,000 square feet of living space.

“We continue to see investors interested in the strong trends on the Westside,” said Jim Reed, director of investment sales at Franklin Street in Jacksonville, who brokered the deal on behalf of the seller. “These apartment units are popular for workforce housing, especially related to the industrial and commercial growth on the Westside, including Cecil Commerce Center and surrounding corridors.”
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Robert Granda, a director of investment sales in Franklin Street’s Fort Lauderdale office, represented the buyer in the transaction.  All four apartment properties will continue to be operated as for-lease apartment homes.

 
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Franklin Street Brokers $16.9M Sale of Multifamily Community in Orlando

ORLANDO, FLA. — Franklin Street has brokered the $16.9 million sale of CaSienna Apartments, a 160-unit multifamily community located at 5703 Stoneridge Court in Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, SR Apartments LLC, and the buyer, an undisclosed partnership. CaSienna Apartments was constructed in 1972 and 1973 and comprises 16 one- and two-story buildings. Community amenities include two swimming pools, a clubhouse, tennis courts, a playground and extra storage space for residents.

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Apartments planned for shuttered stores at Pasco’s Gulf View Square mall

Excerpted from Tampa Bay Times story.

Pasco County, as part of it long-term Harbors redevelopment plan for the U.S. 19 corridor, encouraged past owners of the nearly 40-year-old mall to rebuild the site into a walkable open-air lifestyle center with both residential and commercial uses.

The conceptual plans for the Gables at Gulf View also show retention ponds and a pool and clubhouse amid the 16 apartment buildings that would have one-, two- and three-bedroom units. Apartments closest to the mall would have pedestrian-friendly paths to the shopping center, while units on the western edge will have an unobstructed view of the Werner-Boyce Salt Springs State Park nature preserve.

‘‘Seeing a new development this far west means there’s some confidence in that area,’’ said Darron Kattan, a multifamily brokerage specialist and managing director of the firm Franklin Street of Tampa.

Dorvidor also owns the nearby Park Place Port Richey apartment complex, close to Embassy Boulevard and U.S. 19, which it purchased in 2013.

For full story, visit http://www.tampabay.com/news/business/Apartments-planned-for-shuttered-stores-at-Pasco-s-Gulf-View-Square-mall_167511086