New Ownership Promises Exciting Opportunities for Development and Community Growth
Franklin Street is excited to announce a major achievement in the multifamily real estate sector with the successful sale of Oak Park Villas, a prime property in St. Petersburg’s Skyway Marina district. This transaction, facilitated by our talented team—Mark Savarese, Avery Jordan, Cary Brown, Eve Lowry, and Daniel Pinero—stands out as a remarkable accomplishment in one of the toughest transactional markets we’ve faced in over 13 years.
Mark Savarese noted the challenges, stating, “Despite a challenging market, our team generated a competitive marketing process and successfully identified an out-of-state buyer seeking to expand their portfolio along Florida’s West Coast.” This reflects not only our expertise in the Tampa multifamily market but also our commitment to delivering results for our clients.
Oak Park Villas, originally built in 1984 and 1987, features an impressive 48,120 square feet and a strong 95% occupancy rate. The property, which includes desirable onsite amenities like a pool and dedicated garages, has undergone $1 million in renovations by the previous owner, Southeast Property Group, enhancing its overall appeal. The new owners are dedicated to further improvements, ensuring Oak Park Villas remains a top choice for tenants.
Located in a vibrant community near attractions like the new Skyway Village mixed-use development, the strategic sale of this property not only highlights our team’s capabilities but also signals future growth opportunities for the area.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street 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 lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management, and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
