Franklin Street arranged the sale of 195 units at Grand Reserve at Kirkman Parke, a 390-unit, Class A condominium property in Orlando.
The gated community at 3301 S. Kirkman Road was sold by Miami-based Argenpart LLC for $22 million to ESG Equities, an out-of-state investment firm.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented the buyer in the transaction.
“Central Florida’s multifamily market continues to perform exceptionally well, which reflects the region’s solid economic fundamentals, wage growth and increasing employment,” said Kattan, Managing Director at Franklin Street. “It was a very competitive bidding process shortly after entering the market.”
“The new owner plans on making capital improvements to enhance the property’s appeal and secure significant rent increases,” said Kelleher, Senior Director at Franklin Street. “The investor has strong confidence in the future growth and stability of the asset.”
The 22-acre multifamily complex was built in 2000 and converted into condos in 2005. Grand Reserve at Kirkman Parke is a three-story property that includes 15 buildings and features one, two, three and four-bedroom units. The community was 97% occupied at closing.
Kattan, Kelleher, Ames and Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region. The team has represented more than 6,000 multifamily units valued at nearly $400 million since 2015.