Dec 09, 2019
Franklin Street has negotiated the sale of Bella Vista Apartments, a 16-unit rental property located at 803 E 120th Avenue near the University of South Florida in Tampa, Fla. Avery Jordan, Zach Ames and Mark Savarese with Franklin Street’s Tampa multifamily investment sales team represented the seller, Tampa-based WLW Capital, LLC, in the sale for $1.975 million.
The buyer, Catholic Charities Diocese of St Petersburg, Inc., paid $123,438 per unit, making it the highest per unit value for a pre-2000 era multifamily property sold in Tampa’s University area. Over the past three years, Franklin Street has brokered more than $920 million in multifamily investment sales transactions nationwide.
“This transaction achieved a premium market price per unit due to the fact that it was a fully renovated, turn-key investment,” said Jordan, senior associate in Franklin Street’s Tampa office. “The University area is home to some of the region’s most robust education, healthcare and tourism. We continue to see strong investor demand for high-quality apartment product near major employment drivers.”
Built in 1986, Bella Vista Apartments was recently renovated and offers convenient access to Interstate 275 and downtown Tampa. The new owner plans to provide quality affordable housing to residents in Tampa’s Innovation Alliance District.
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