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Franklin Street Arranges $14.1 Million Fractured Condo Sale in Lakeland, Fla.

Sunset Lakes Lakeland FL 457x296
Published: Jul 25, 2019
Franklin Street has arranged the sale of Sunset Lakes, a fractured condominium community located at 1545 Kennedy Boulevard in Lakeland, Fla., for $14.1 million, or $95,074 per unit. Darron Kattan, Kevin Kelleher, Robert Goldfinger and Zach Ames of Franklin Street’s Tampa office represented both the seller, Florida-based PC Sunset Lakes, LLC, and the Greenville, S.C.-based buyer, SL Lakeland Partners, LLC, who plan to buy additional units and renovate the interior and exterior of the property. Franklin Street’s Tom Kersting also coordinated an equity source for the transaction.  The transaction was for 149 out of the 288 condo units in the community, or slightly over 50 percent.

“There continues to be fewer and fewer fractured condo properties available in the state as investors continue to convert them back to rental apartments,” said Kattan, managing director at Franklin Street.  “The buyer’s goal is to buy additional units, renovate and raise rents, and hopes to get at least 80 percent ownership so they can put on long-term financing, sell the bulk units to the next owner, or collapse the HOA and turn it back to a 100 percent rental community.” 

“We were happy to identify an equity partner for the Sunset Lakes purchase,” said Kersting, managing director at Franklin Street. “More so, it’s a partnership that is motivated to further support the buyer’s strategy with fractured condos throughout the southeast.”

Built in 1997, Sunset Lakes is adjacent to an 89-acre lake and features scenic waterfront views, detached garages with auto remotes, a fitness center, a business center, additional laundry facilities, a car care center, tennis court, picnic area with barbecue grills, park-like landscaping and 24-hour emergency service.  The property is conveniently located in Lakeland, which is the largest city on Interstate 4 between Orlando and Tampa.  

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 divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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.
 
Credit:
Source: Multifamily Press
URL: http://www.multifamilypress.com/