Categories
Uncategorized

Franklin Street Closes $19.5 Million Sale of 200-Unit Apartment Community in Naples, Florida

Franklin Street negotiated the sale of Wild Pines of Naples Apartments Phase I and II in the city of Naples, an affluent community in Southwest Florida, for $19.5 million. The 200-unit multifamily property is located at 2580 Wild Pines Lane in Collier County. New York-based Axonic Capital acquired the property from a local family that had owned the property for 25+ years. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

“Wild Pines is a well-located rental complex that had never been offered for sale before,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office.  “This was a very rare and unique opportunity to acquire a partial affordably restricted community that is the closest 200-unit property to the dynamic downtown Naples area.  We continue to see strong buyer demand for true value-add opportunities. Axonic will implement a significant amount of improvements, physically and operationally, to increase the cash flow and value of the property in the long run.  Wild Pines attracted competitive offers from multiple investors in a short timeframe.”

“This opportunity fits in perfectly with our current holdings and we believe Naples has some of the strongest fundamentals in the Florida apartment market,” said Jonathan Shechtman, managing principal at Axonic Properties, LLC.

Wild Pines amenities include two pools and a fitness center. The property offers convenient access to the Collier County Government Center, Naples Community Hospital, Naples Airport, county bus transportation, downtown shopping, fine dining, and local beaches.  The property was built in phases with the original units being built in the 1960s, a second portion built in the 1980s and the remaining units being built in the 1990s.

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region.

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.

Categories
Uncategorized

Franklin Street Closes $19.5 Million Apartment Sale in Naples, Florida

Franklin Street negotiated the sale of Wild Pines of Naples Apartments Phase I and II in the city of Naples, an affluent community in Southwest Florida, for $19.5 million. The 200-unit multifamily property is located at 2580 Wild Pines Lane in Collier County. New York-based Axonic Capital acquired the property from a local family that had owned the property for 25+ years. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

“Wild Pines is a well-located rental complex that had never been offered for sale before,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office.  “This was a very rare and unique opportunity to acquire a partial affordably restricted community that is the closest 200-unit property to the dynamic downtown Naples area.  We continue to see strong buyer demand for true value-add opportunities. Axonic will implement a significant amount of improvements, physically and operationally, to increase the cash flow and value of the property in the long run.  Wild Pines attracted competitive offers from multiple investors in a short timeframe.”

“This opportunity fits in perfectly with our current holdings and we believe Naples has some of the strongest fundamentals in the Florida apartment market,” said Jonathan Shechtman, managing principal at Axonic Properties, LLC.

Wild Pines amenities include two pools and a fitness center. The property offers convenient access to the Collier County Government Center, Naples Community Hospital, Naples Airport, county bus transportation, downtown shopping, fine dining, and local beaches.  The property was built in phases with the original units being built in the 1960s, a second portion built in the 1980s and the remaining units being built in the 1990s.   

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region. 

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.

 

Read article on Blau Journal at: https://www.blaujournal.com/franklin-street-closes-19-5-million-apartment-sale-in-naples-florida/

Categories
Uncategorized

Industry Outlook: Here’s a solution to Orlando’s permitting problem, city official says

Excerpted from Orlando Business Journal story.

Bo Bradford started seeking a building permit from the city of Orlando at the beginning of August for a 1,600-square-foot speculative office space.

As of Oct. 8, the co-president of Lee & Associates-Central Florida still was awaiting a response. “We don’t even have the first round of comments yet,” Bradford said.

In fact, many of more than a dozen executives agreed, as they discussed Orlando’s current permitting pileup during Orlando Business Journal’s Oct. 8 Commercial Real Estate Industry Outlook at Lynx Central Station.

The issues coincide with a massive construction boom in Central Florida, where developers have been drawn to the area’s exploding population and job growth. The combined building permit values in the metro Orlando area added up to $5.82 billion through August this year, according to the most recent Dodge Data & Analytics report.

The city has been attempting to streamline its process, though, with things such as an online portal to submit plans digitally.

But the online portal isn’t helping speed things up much, said Yvonne Baker, regional managing partner with Franklin Street.

Part of the issue with the online portal is the city waited too long to shift from a paper-based to an electronic system, said Jim Gray, who represents southeast Orlando on the Orlando City Council and is the head of CBRE’s (NYSE: CBRE) Central Florida operations.

Gray encouraged panel attendees to continue to voice complaints to the city.

“We tried to do it right in the middle of what has turned out to be a boom for everybody,” he said of moving the permitting process online. “We’ve not done a good job keeping up, but I think we’re getting there now.”

One potential solution may come from the private sector, Gray said. Rather than rely on city officials, some municipalities have allowed professional consultants such as architects and engineers to review plans and assure they are up to code. Cities then can focus on life safety issues as they relate to those project plans.

Still, it may be unfair to put all the permitting problem onus on the city. Central Florida continues to experience a robust amount of construction and it would be hard for any one agency to keep up with all that activity, Bradford said.

Closer Look
Where are you seeing commercial activity? 

Maitland office submarket 

Why: Office vacancy rates were hovering around 20 percent about four to five years ago. But now, vacancy is 9.3 percent — or near Orlando’s average of 8.6 percent, according to a third-quarter Cushman & Wakefield (NYSE: CWK) report. “It’s a submarket that’s always struggled in bad economies and taken longer to catch up,” said Greg Morrison, principal and managing director of commercial real estate firm Avison Young Inc. in Orlando. “It’s a nice surprise.” Maitland typically is more affordable than other submarkets in Orlando, with Class A rents averaging $20.45 per square foot.

Clermont, Hamlin office submarkets

Why: Several new office developments are in the area now, showing that millennials want to work in places where they also live and play. “We have to have some office component out in those markets,” said Yvonne Baker, regional managing partner with Franklin Street.

For full story, visit https://www.bizjournals.com/orlando/news/2018/10/24/industry-outlookheres-a-solution-to-orlandos.html

Categories
Uncategorized

Franklin Street Bolsters Capital Markets Platform in Atlanta with New Hire

Brett Price, Former Adjunct Instructor at Columbia University, to Serve as Director of Loan Origination

Former Ivy League adjunct instructor and real estate executive Brett Price has joined the Atlanta capital markets team at Franklin Street as the commercial real estate firm looks to expand its presence in the Southeast U.S. 

Price will serve as director of loan origination, a role that will see him originate and negotiate loans, as well as structure debt and equity investments. He comes to Franklin Street from Columbia University, where he served as an adjunct instructor of real estate finance. 

In his 20 years in the industry, Price has also served as asset manager for a $3.5 billion REIT operated by New York-based residential landlord and development firm Clipper Equity, and as owner and managing director for Avenue Real Estate Services, a real estate investment and property management company in Georgia and Tennessee. 

Price holds a bachelor’s degree in finance and economics from the University of Tennessee, a bachelor’s degree in English from Lipscomb University and a Master’s Degree in real estate development from Columbia University. 

For full story, visit http://www.costar.com/News/Article/Franklin-Street-Bolsters-Capital-Markets-Platform-in-Atlanta-with-New-Hire/205495

Categories
Uncategorized

Franklin Street Expands Atlanta Capital Markets Team

Excerpted from CoStar News story.

Franklin Street, a Tampa, Florida-based real estate services firm, has expanded its capital markets team with the addition of Brett Price. Price joins Franklin Street as a director in its Capital Advisors division.

A former adjunct instructor of development finance at Columbia University in New York City, Price will specialize in the origination and negotiating of loans and the structuring of debt and equity investments for all asset types.

Price previously was an asset manager for a $3.5 billion real estate investment trust operated by Clipper Equity, a publicly traded residential landlord and developer. He also worked as an owner and managing director for Avenue Real Estate Services, a real estate investment and management firm that operates in Georgia and Tennessee. 

For full story, visit http://www.costar.com/News/Article/Did-You-Hear-Growing-Orlando-Firm-Adds-Partner/205551

Categories
Uncategorized

Franklin Street Closes Sale of Maple Place North Apartment Community in Atlanta, Georgia

Franklin Street has arranged the sale of the 33-unit Maple Place North Apartments in Atlanta for $4,765,000.  Built in 1957, the multifamily apartments, located in east Atlanta’s Candler Park submarket, feature large one and two-bedroom apartments.  Jake Reid and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team represented the seller, a local private investor.

“Given the limited rental inventory in the immediate area, walkability, and strong demographics, Maple Place is able to command very desirable rents with further upside through a value-add strategy,” said Reid, senior director of multifamily investment sales for Franklin Street’s Atlanta office.  “At just under $225 per foot, the sale represents record pricing for a 1950s-era multifamily property in the Candler Park area. The new investors plan to continue to make cosmetic improvements to the property while realizing continued rent growth.”

Maple Place Apartments is ideally located on the Freedom Park trail, which connects to the Atlanta Beltline. The property is one of only a few apartment communities in the popular Candler Park neighborhood and features updated plumbing and electrical, and off-street parking.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added 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.

For more information on Franklin Street, please visit FranklinSt.com

Categories
Uncategorized

Building permit woes: CRE execs bemoan lengthy Orlando process

Excerpted from Orlando Business Journal story.

More than a dozen executives discussed the city of Orlando’s current permitting issues at Orlando Business Journal’s Oct. 8 Commercial Real Estate Roundtable. The issues coincide with a massive construction boom in Central Florida, where developers have been drawn to the area’s exploding population and job growth. The combined building permit values in the metro Orlando area added up to $5.82 billion through August this year, according to the most recent Dodge Data & Analytics report.

The city has been attempting to streamline its permitting process, though, with things such as an online portal to submit plans digitally. But the online portal isn’t helping speed things up, said Yvonne Baker, regional managing partner with Franklin Street.

For full story, visit https://www.bizjournals.com/orlando/news/2018/10/17/building-permit-woes-cre-execs-bemoan-lengthy.html

Categories
Uncategorized

Franklin Street Closes Sale of Maple Place North Apartments in Atlanta

Franklin Street has arranged the sale of the 33-unit Maple Place North Apartments in Atlanta for $4,765,000.  Built in 1957, the multifamily apartments, located in east Atlanta’s Candler Park submarket, feature large one and two-bedroom apartments.  Jake Reid and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team represented the seller, a local private investor.

“Given the limited rental inventory in the immediate area, walkability, and strong demographics, Maple Place is able to command very desirable rents with further upside through a value-add strategy,” said Reid, senior director of multifamily investment sales for Franklin Street’s Atlanta office.  “At just under $225 per foot, the sale represents record pricing for a 1950s-era multifamily property in the Candler Park area. The new investors plan to continue to make cosmetic improvements to the property while realizing continued rent growth.” 

Maple Place Apartments is ideally located on the Freedom Park trail, which connects to the Atlanta Beltline. The property is one of only a few apartment communities in the popular Candler Park neighborhood and features updated plumbing and electrical, and off-street parking.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added 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. For more information on Franklin Street, please visit FranklinSt.com.

 

Read article on Blau Journal at: https://www.blaujournal.com/franklin-street-closes-sale-of-maple-place-north-apartments-in-atlanta/

Categories
Uncategorized

Franklin Street Brokers Multifamily Sale in Downtown Fort Lauderdale Submarket

Franklin Street has arranged the $2.25 million sale of Victoria Breezes Apartments, a 16-unit boutique multifamily community located at 701 NE 16th Avenue in the Victoria Park submarket of downtown Fort Lauderdale. The sale represents the second multifamily property sold by Franklin Street this year within the submarket. 

Dan Dratch and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented the seller, a local private investor, in the marketing of the property. The buyer is also a locally-based investor who acquired the property as part of a 1031 exchange.  The buyer plans to invest the capital needed to upgrade and beautify the property.  These improvements will have a positive impact on the revenue the property generates and the overall value of the asset.

Victoria Breezes sold for $140,625 per unit and over $203 per square foot.  The property consisted of 16 individual condo units which provides multiple exit strategies for the new owner. 

Franklin Street’s national marketing campaign generated multiple competitive offers within the first two weeks of listing the property,” said Dratch, senior investment sales associate at Franklin Street.  “This sale signals that buyers are still aggressively chasing value-add opportunities for assets in premium locations that they can upgrade and remodel.”

Franklin Street is growing its market share in selling privately owned multifamily properties in South Florida,” said Matus, senior vice president of investment sales at Franklin Street.  “Our collaborative platform and full range of services has been a difference maker when it comes to winning the business.”

Built in 1959 and renovated in 2006, Victoria Breezes is ideally located near U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.

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. 

 

Read article on Blau Journal at: https://www.blaujournal.com/franklin-street-arranges-multifamily-property-sale-in-downtown-fort-lauderdale-submarket/

Categories
Uncategorized

Fifties-era Candler Park complex sets sales record along Freedom Park trail

Excerpted from Curbed Atlanta story.

It might lack a bike boutique, hot-yoga studio, and other bells and whistles associated with Atlanta’s new apartment stock, but a dearth of competitor inventory, walkability, and “strong demographics” convinced investors to pay a record price for an older apartment community in Candler Park.

Built in 1957, the Maple Place North Apartments complex along North Avenue has sold for $4.7 million, according to Franklin Street officials, who represented the seller, a private Atlanta investor.

The 33-unit community fronts Freedom Park and the PATH Foundation’s Stone Mountain Trail, a few blocks from Little Five Points.

The sale—at about $225 per square foot—marks a record price for 1950s multifamily property around Candler Park, per Franklin Street officials.

With one and two-bedroom flats, Maple Place joins only few other rental communities in Candler Park, and recent updates have addressed plumbing and electrical, said Jake Reid of Franklin Street’s Atlanta multifamily investment sales team.

For full story, visit https://atlanta.curbed.com/2018/10/17/17990286/candler-park-apartments-freedom-park-trail