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Results Through Collaboration

Tampa Community Commands $13M

Heritage at Tampa Apartments 457x296
Published: May 31, 2019
Excerpted from Multi-Housing News story.

Franklin Street has brokered the sale of Heritage at Tampa Apartments, a 110-unit community in Tampa, Fla. According to Yardi Matrix data, TLR Group purchased the asset from Axonic Properties, paying $13.1 million or $119,090 per unit. Prudential Financial originated a $10.5 million Freddie Mac loan for the acquisition, set to mature in 2029. Franklin Street represented both buyer and seller in the transaction and will provide property insurance for the new owner.

Located at 7011 San Ramon Place, Heritage at Tampa Apartments is near Hillsborough River, between Interstate 75 to the east and Interstate 275 to the west. Downtown Tampa is roughly 8 miles away and Tampa International Airport is within a 30-minute drive.

The community encompasses 15 two-story buildings constructed in 1969 on a 7.8-acre site. The unit mix features two- and three-bedroom floorplans ranging from 995 to 1,776 square feet. Community-area features include a resort-style swimming pool, spa, fitness center, clubhouse and 240 parking spaces. As of April, the property was 97.3 percent occupied, Yardi Matrix shows.

Managing Directors Darron Kattan and Robert Goldfinger, together with Senior Directors Kevin Kelleher and Zachary Ames of Franklin Street’s Tampa multifamily investment sales team represented both parties in the transaction, while Senior Director Lonnie Kitchen of Franklin Street Insurance Services will insure the asset for the new owner.

For full story, visit https://www.multihousingnews.com/post/tampa-community-commands-13m/
Credit: Adriana Marinescu
Source: Multi-Housing News
URL: https://www.multihousingnews.com/