Franklin Street has arranged the $32.2 million sale of The Sands at St. Lucie, a 320-unit apartment property in Fort Pierce.
Built in 1988, the affordable housing community is comprised of 21, two-story buildings featuring 208 two-bedroom and 112 three-bedroom units. At the time of sale, the property was 98% occupied. Amenities include an on-site fitness center, business center, clubhouse, volleyball court, pool and washer and dryer hookups in all units. All of the units currently operate under Florida’s Section 42 through January 2030, which restricts the maximum rent that is allowed to be charged and limits the amount of income the residents can make in order to qualify to live there.
Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street’s Tampa office represented the seller, Code Capital Partners, in the transaction. The buyer was Southport Financial, one of the largest affordable housing developers/owners in the nation.