Franklin Street announces the sale of Canterbury Oaks Apartments in Clearwater for $3,750,000. The sale price represents just over $52,000/unit, or $51.00/SF.
Darron Kattan, Kevin Kelleher, Robert Goldfinger, and Zachary Ames of Franklin Street Real Estate Services represented the Seller, a private investor based out of California. Rory Williams of AC Commercial represented the California-based Buyer.
The property offers the Buyer a unique value-add opportunity as rents have considerable upward potential following the completion of property-wide renovations and improvements.
“Canterbury is a great opportunity to buy a well-located, solid-construction deal that needs some TLC and better management. The buyer was out of California completing a 1031 exchange and was trading out of a property that his family owned for many years in California,” said Darron Kattan, managing director of Franklin Street. “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.”
“The multifamily investment sales market in Florida is an interesting landscape right now,” added Kevin Kelleher, senior director of Franklin Street. “There is considerable equity and substantial demand from out-of-state and international buyers for Florida-based investments, and the high demand currently outweighs supply.”
Canterbury Oaks is a 72-unit apartment community located at 2025 Rogers Street in Clearwater on 2.94 acres in North Pinellas County, the most densely populated county in Florida. Composed of concrete block construction and completed in 1973, the property is comprised of spacious one-, two- and three-bedroom units that offer an attractive amenity package.
About Franklin Street: Franklin Street is a family of full-service real estate companies 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—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.