Peacock Capital acquired the 29-property Garden Court Portfolio from a private owner
TAMPA, FL (January 24, 2022) – Franklin Street has arranged the sale of a 209-unit, value-add, multifamily portfolio in Plant City, Florida, approximately 25 miles east of Tampa. The $20.25 million sale marks the first time the Garden Court Portfolio has sold since it was built during the 1970s and 1980s.
Franklin Street’s Tampa-based Multifamily Investment Sales Team of Zach Ames, Darron Kattan, Avery Jordan and Mark Savarese brokered the off-market deal on behalf of the seller Garden Court Apartments, Inc., and the buyer, Peacock Capital, LLC. Based in Orlando, Peacock Capital is a real estate investment and advisory firm focused on acquiring, renovating and operating neighborhood multifamily properties in Central Florida. The firm has planned an extensive value-add strategy for the portfolio, including significant interior and exterior upgrades.
The Garden Court Portfolio consists of 29 single-story block construction structures. The unit mix includes 75 one-bed, one-bath units; 79 two-bed, two-bath units; and 55 three-bed, one-bath units. Most of the residences have in-unit washer and dryer connections.
The properties, scattered across multiple locations in Plant City, are all within convenient proximity to Downtown Plant City and I-4, which provides easy access to major employment centers in Tampa and Lakeland.
“The Tampa Bay market continues to see exceptional demand from renters and investors as our area enjoys relentless population growth,” said Ames. “More and more, we are seeing owners like this one leverage current market conditions to cash in on their long-term holds. On the buyer side, we are seeing strong interest from investors looking for value-add plays in secondary and tertiary markets with strong potential for rent growth.”
Kattan added, “The Garden Court Portfolio presented Peacock Capital with an opportunity to acquire critical mass in one of the country’s fastest growing markets. As the explosive growth we are experiencing along the I-4 Corridor continues, the Plant City market is extremely well-positioned as one of the next hot spots.”
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 lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.