Southport Financial acquired the affordable housing community from Code Capital Partners
FORT PIERCE, FL (March 4, 2021) — Franklin Street has arranged the sale of The Sands at St. Lucie, a 320-unit apartment property in Fort Pierce for $32.2 million, or $100,625 per unit. The 1998-built, affordable housing community is situated in a high-growth corridor with new construction in the immediate submarket.
Franklin Street’s Tampa-based multifamily investment sales team of Darron Kattan, Zach Ames, Avery Jordan, and Mark Savarese arranged the sale on behalf of the seller, Code Capital Partners, a private partnership based in the Northeast. The buyer, Southport Financial, is one of the largest affordable housing developers/owners in the nation.
The Sands at St. Lucie comprises 21 two-story buildings featuring 208 (65%) two-bedroom, two-bathroom units averaging 857 square feet and 112 (35%) three-bedroom, two-bathroom units averaging 1,111 square feet. The property was 98% occupied at the time of sale. Amenities include an on-site fitness center, business center, clubhouse, kids club, volleyball court, sparkling pool and hookups for washer and dryers in all units.
All of the units currently operate under 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.
“The Sands at St. Lucie apartments offered an opportunity to acquire a stable, high-occupancy asset in one of St. Lucie’s most prime locations near several major employers and Florida’s Treasure Coast beaches,” said Kattan. “Population growth and new construction in the surrounding area position this property for continued strong occupancies and returns into the future.”
At 2750 U.S. Highway 1, The Sands at St. Lucie sits right across the street from the 5-acre Heathcote Botanical Gardens and near several major employers including Quest Diagnostics, Lawnwood Regional Medical Center, St. Lucie County School District, Indian River State College and St. Lucie Medical Center.
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.
