Franklin Street Brokers $1.25 M Sale of Park Place Apartments in Clearwater FL
Tampa, FL (July 2, 2020) – Franklin Street has brokered the sale of Park Place Apartments, a 14-unit apartment community located in the city of Clearwater, Florida.
Franklin Street’s Tampa multifamily investment sales team, Avery Jordan, Mark Savarese, Darron Kattan and Zach Ames represented the seller, 600 Park Place, LLC and the buyer, Beatrice Properties, LLC in the $1,250,000 transaction. The buyer paid $89,286 per unit.
“We were able to generate 13 property tours and 11 competitive offers in a two-week marketing period despite the current circumstances of the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “We closed at 93.9% of our list price to an out-of-state 1031 exchange buyer. We anticipate 1031 exchanges from New York and California will continue to be a driving force for multifamily values in Florida. The property traded at a 5.60% cap rate based on tax-adjusted in-place income which is representative of the insatiable investor demand for value-add apartment properties.”
Park Place Apartments is located at 600 Betty Lane in Clearwater, Florida. Built in 1971, Park Place Apartments is comprised of 10,950 SF of living space on a well-kept 0.38 acre lot. Park Place Apartments is conveniently located 1 mile from Downtown Clearwater & 3.6 miles from Clearwater Beach – Voted the #1 beach in America (TripAdvisor, 2019).