Commercial Real Estate, Capital, Insurance, Leasing & Management

California family performs 1031, buys Clearwater’s Canterbury Oaks

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“Canterbury is a great opportunity to buy a well-located, solid-construction deal that needs some TLC and better management,” says Darron Kattan, managing director of Franklin Street..."

BUYER: Emanuel Zlotolow, as trustee of The Emanuel David Zlotolow Lifetime Heritage Trust No. 1 (8.33% interest), The Ronald Daniel Zlotolow Lifetime Heritage Trust No. 1 (8.33%), The Jordan Gabriel Zlotolow Lifetime Heritage Trust No. 1 (8.33%) and 2025 Rogers LLC (manager: David Zlotolow), Venice, Calif. (75.01%)
SELLER: Silent Oaks LLC
PROPERTY: 2025 Rogers St., Clearwater
PRICE: $3.75 million
PREVIOUS PRICE: $3.5 million, December 2003
TITLE FIRM ON DEED: Majesty Title Services LLC, Tampa

PLANS, DESCRIPTION:
The Zlotolow family of Venice, Calif., purchased the 72-unit Canterbury Oaks Apartments in Clearwater for $3.75 million.
The price equated to $52,083 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The development was built in 1973 using concrete block construction. It occupies a 2.94-acre site, and units range from one to three bedrooms. The property recently went through several renovations and improvements.

Darron Kattan, Kevin Kelleher, Robert Goldfinger and Zachary Ames of Franklin Street Real Estate Services represented the seller, Silent Oaks LLC. Rory Williams of AC Commercial represented the buyer.

“Canterbury is a great opportunity to buy a well-located, solid-construction deal that needs some TLC and better management,” Kattan, managing director of Franklin Street, says in a press release. “They will likely do a moderate level of rehab to each interior and improve the curb appeal of the property with new landscaping and by remodeling the clubhouse.”

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