Results Through Collaboration

Franklin Street Arranges $31M Sale of Affordable Tampa Community

Eden Pointe Apartments Brandenton Florida 457x296
Published: Oct 09, 2019
Excerpted from Multi-Housing News story.

Franklin Street has brokered the sale of Eden Pointe Apartments, a 270-unit fully affordable community in Bradenton, Fla. Deancurt Realty Group purchased the Class A asset for $30.8 million or $113,888 per unit from The Reliant Group. Franklin Street’s Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan represented both parties in the deal. According to Yardi Matrix data, the property last traded in 2011 for $11.2 million.

Eden Pointe sits at 955 53rd St. E., roughly 6 miles east of the city center and 45 miles south of downtown Tampa. The property is close to Interstate 75 and the immediate area holds various shopping and dining venues located along State Road 64.

Completed in 1995, Eden Pointe consists of 14 two- and three-story buildings spread across 27 acres. The unit mix features one- to three-bedroom floorplans ranging in size from 707 to 1,189 square feet, Yardi Matrix data shows. Amenities include a swimming pool, volleyball court, fitness center and two playgrounds. The property was 100 percent occupied at the time of sale.

In May, Franklin Street represented both parties in the $13 million sale of a Tampa market rate community. Axonic Properties sold the 110-unit multifamily property, located near Hillsborough River.

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Credit: Adriana Marinescu
Source: Multi-Housing News