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South Florida developer behind high-rises in Sunny Isles Beach enters Orlando market with multifamily acquisition

Excerpted from GrowthSpotter story.

Franklin Street’s Tampa multifamily investment sales team, Darron KattanZach AmesKevin Kelleher and Avery Jordan, represented both the buyer and the seller.

“This was the buyer’s first asset in the Orlando area, and we managed to secure an all cash closing despite the current circumstances of the COVID-19 pandemic,” Kattan said in a press release.

Built in 1984, Aventura Apartments sits on about 7.45 acres. Prior to selling, Dominium renovated its pool and patio area. The community also includes a new fitness center and outdoor children’s play area.

For full story, visit: https://www.growthspotter.com/news/residential-property-developments/multi-family/gs-news-sofla-developer-rosemont-aventura-apartments-20200414-5qx46p7iybfjngtpohdfyky5ka-story.html

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Franklin Street Brokered the $4.5 Million Sale of Fairway Gardens

Excerpted from South Florida Business JournalFranklin Street brokered the $4.5 million sale of Fairway Gardens, a 28-unit multifamily property at 1150-1170 N.W. 80th Ave. in Margate.

For full story, visit: https://www.bizjournals.com/southflorida/news/2020/04/23/news-in-brief-04-24-2020.html

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Franklin Street Brokers $18 Million Sale Of Orlando Apartment Community

Excerpted from CRE Sources

Franklin Street has brokered the sale of Aventura Apartments, a 144-unit apartment community located in the city of Orlando.

Franklin Street’s Tampa multifamily investment sales team, Darron KattanZach AmesKevin Kelleher and Avery Jordan, represented the seller, Minnesota-based Orlando Leased Housing Associates VI, LLLP, and the buyer, Florida-based Aventura Orlando Apartments, LLC in the $18,163,500 all-cash transaction. The buyer paid $126,135 per unit.

For full story, visit: http://orlando.cre-sources.com/franklin-street-brokers-18-million-sale-of-orlando-apartment-community/

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COVID-19 Trends

Franklin Street’s Pat Kelly Comments on Covid-19 and Emerging Industry Trends

Excerpted from the Business Observer

Pat Kelly, a regional managing director with Tampa-based brokerage and investment firm Franklin Street and another NAIOP Tampa Bay leaders, agrees that new industrial development — especially of cold storage and freezer space — will likely increase if online grocery shopping becomes part of the crisis’ legacy.

But while the industrial sector may fare well, office and bricks-and-mortar retail will likely continue the struggles each faced prior to the outbreak of the virus earlier this year.

For office space, the health crisis could perpetuate the trend of decentralized work places and cause at least some company owners to reconsider their space requirements, experts say.For full story, visit: https://www.businessobserverfl.com/article/commercial-real-estate-trends-naiop-industrial-office-retail-tampa-fort-myers

Industry groups say Covid-19 pandemic will heighten existing and emerging trends within the industry.

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Has Tampa Bay’s Apartment Market Been Overbuilt?

Excerpted from Tampa Bay Times story

Before the pandemic began to sweep the nation, the Tampa Bay area was in the midst of an unprecedented apartment boom. Developers had completed 170 projects with a total of nearly 22,700 units in Hillsborough and Pinellas counties since the 2010 end of the Great Recession, according to the Tampa brokerage Franklin Street.

Still under construction are 34 projects with a total of nearly 7,900 units. The vast majority are in Tampa and St. Petersburg, where developers touted the appeal of walking from “luxury’’ apartments to scores of trendy new restaurants and other urban amenities.

Work continues at most of those apartment sites, including two towers in Tampa’s billion dollar Water Street project. But now the restaurants are closed. Gone are thousands of jobs, along with paychecks that supported rents sometimes approaching New York City levels.

Has Tampa Bay’s apartment market been overbuilt?

“It will be easy to say that in hindsight, but no, I don’t think we were getting overbuilt,’’ said Darron Kattan, an expert on multi-family housing. “The economy justified it, and nobody could have seen this coming.’’

Kattan, Franklin Street’s managing director, said several factors spurred the surge in apartment development: a shortage of affordable single-family homes and an “anti-ownership sentiment’’ after the 2008 housing crash; demographic changes as young people marry and start families later; and an influx of baby boomers moving to the bay area and becoming renters by choice.

Even before the coronavirus, Kattan said, bankers had started tightening up on loans for apartment projects.For full story, visit: https://www.tampabay.com/news/health/2020/04/14/8000-apartments-under-construction-in-tampa-bay-as-unemployment-surges/

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COVID-19

Franklin Street’s Darron Kattan discusses Tampa’s Luxury Apartment Market

Excerpted from Tampa Bay Business Journal story

Before coronavirus, Tampa Bay’s apartment boom showed no signs of slowing. For the last five years, the Tampa Bay region developed an average of 4,300 apartments annually, and absorption of those units has outpaced delivery, according to CBRE Group Inc. In 2019, more than 4,000 apartments were delivered, with just over, 8,300 under construction.

“Concessions to new residents have recently dipped, as has been the case in many other markets, suggesting that the recent construction boom remains in line with demand,” CBRE wrote in its 2020 outlook for multifamily real estate.

Some submarkets, however, were already showing signs of strain before the pandemic, with rent growth slowing as more new units were delivered, said Darron Kattan, managing director at Franklin Street in Tampa.

“There is a good chance that a jolt like this will cause similar rent reductions as the great financial crisis,” Kattan said. “In those times, we saw up to 30 percent or more swing on the income for multifamily owners.”

Luxury rents began to fall as the pandemic took hold, according to data from CoStar Group.For full story, visit: https://www.bizjournals.com/tampabay/news/2020/04/09/tampa-bays-apartment-market-has-been-white-hot-for.html

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COVID-19 Trends

Franklin Street’s Andrew Wright shares his view on COVID-19 and CRE

Excerpted from Tampa Bay Business Journal story

For the past decade, real estate developers in Tampa Bay and throughout the U.S. have pitched their projects as experiential — social gathering places that are an antidote to an increasingly online lifestyle. 

Seemingly overnight, the novel coronavirus outbreak brought that dynamic to a halt, sending people to the internet for everything from remote work to grocery deliveries. The jam-packed happy hours at Hyde Park Village and community fitness classes at Sparkman Wharf — social routines that draw people to the public realm and encourage them to linger and spend money there — are, at least temporarily, on hold.

“This really, from a psychological standpoint, strikes in the core of that,” said Andrew Wright, CEO and founder at Franklin Street in Tampa. “Not that it won’t come back, because people are social, but if they were to open up the economy tomorrow, would people be rushing to the mall or going to a conference with 40,000 people? I don’t see it.”

It’s too early to say what lasting effects the global COVID-19 pandemic could have on commercial real estate. The pandemic is another major blow to retail real estate and especially enclosed shopping malls, which have long been challenged by the convenience of e-commerce. Even open-air lifestyle centers, with their mix of dining, entertainment and big gathering spaces, could see a temporary drop in traffic when the outbreak ends but consumers are still nervous about spending time in public. But other sectors of commercial property that have been mostly unchallenged by the internet — like the office market— could be reshaped by coronavirus, experts say.For full story, visit: https://www.bizjournals.com/tampabay/news/2020/04/10/for-a-decade-tampa-bays-commercial-real-estate-has.html

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Franklin Street Brokers $4.5M Sale of Fairway Gardens in Margate, FL

Franklin Street Brokers $4.5M Sale of Fairway Gardens in Margate, FL
Fairway Gardens sold for $160,714 per unit

For Lauderdale, FL (April 13, 2020) – Franklin Street has brokered the sale of Fairway Gardens, a 28-unit multifamily property located on a golf course in the city of Margate, Florida.

Franklin Street’s Fort Lauderdale multifamily investment sales team, Travis JonesDan DratchGreg Matus, AJ Stanford, and Ryan Wold closed the $4,500,000 all-cash deal in 46-days within 5% of the asking price.

Franklin Street’s Evan SeacatRyan Cassidy and Alec Laetham provided insurance for the new buyer.

“The Sellers were interested in testing the market but saw the value Franklin Street could deliver.” said Travis Jones, Senior Associate, Franklin Street.  “We received multiple offers and, in the end, received a record number for this asset class in this particular area. The offer was all cash and the closing went smooth even amongst the stresses of the COVID-19 pandemic.”

Fairway Gardens is located at 1150-1170 NW 80th Ave, Margate, FL.  Built in 1989, Fairway Gardens has 28- unites spread across 1.68 acres.

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Franklin Street Brokers $17.3M Sale of Chase Village Apartments

Franklin Street Brokers $17.3M Sale of Chase Village Apartments
in Jonesboro, GA

Chase Village Apartments sold for $102,976 per unit

Atlanta, GA (April 14, 2020) – Franklin Street has brokered the sale of Chase Village Apartments, a 168-unit apartment community located in the city of Jonesboro, Georgia.

Franklin Street’s Atlanta multifamily investment sales team, Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner, represented the seller, Peak Capital Partners, and the buyer, Oak Residential Partners in the $17,300,000 transaction. The buyer paid $102,976 per unit.

“Chase Village represents a true value-add work force housing opportunity with just over 94% of the complex containing classic units,” said Chad Defoor, Senior Director, Franklin Street. “The new owner plans on renovating the units to the level of the neighboring property, which they also own.”

Chase Village Apartments is located at 100 Chase Village Drive, Jonesboro, GA. Built in 1986, Chase Village Apartments spreads out over 24.93 acres. Chase Village Apartments has a mix of spacious two- and three-bedroom floor plans. The property is also zoned for an additional 8-unit building.

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Westshore City Center Landed its First Big Office Tenant Before Coronavirus

Excerpted from Tampa Bay Business Journal story.

Westshore City Center landed its first big office tenant just before the coronavirus pandemic took hold — and the tenant is moving forward with construction.

Arizona College of Nursing has signed a lease for 22,448 square feet in the business park, which was previously known as the Austin Center. The lease came shortly after the property kicked off the marketing of its $10 million renovation plan.

For full story, visit: https://www.bizjournals.com/tampabay/news/2020/04/07/westshore-city-center-landed-its-first-big-office.html