Franklin Street secured the sale of El Malke Apartments, a 64-unit rental community located in the Temple Terrace submarket of Tampa, Florida for $6,464,000 million, or $101,000 per unit. EM Investors SPE, LLC, a real estate investment firm headquartered in Pennsylvania, acquired the property from LKW Investment Company IIII, Inc., a locally-based seller.
Robert Goldfinger, Kevin Kelleher, Darron Kattan and Zachary Ames of Franklin Street represented both parties in the transaction. Franklin Street’s Greg Matus and Tom Kersting facilitated the financing by bringing in a private equity investor. Franklin Street’s Chad Dewald provided property management services and Lonnie Kitchen insured the asset. The apartments had been held by the same owner for over 25 years.
“The property has been extremely well maintained and it demonstrated consistently high occupancy rates and low resident turnover,” said Goldfinger, managing director of multifamily investment sales for Franklin Street’s Tampa office. “We continue to see strong investor demand for all classes of apartments, especially those properties that have a value-added component.”
“This sale showcases Franklin Street’s unique collaborative platform of services—from sourcing capital to providing insurance to managing a property to selling an apartment complex—in one setting,” said Matus, senior vice president of investment sales for Franklin Street. “Our clients reap the benefits of greater efficiency and convenience by leveraging the power of multiple service lines.”
Built in 1974, El Malke Apartments is located at 11301 N 53rd Street in Temple Terrace close to the University of South Florida, Florida Hospital and the Tampa Veterans’ Hospital. The property features a mix of two- and three-bedroom floor plans, onsite management, and a large courtyard with a pool.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay region.
About Franklin Street
Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add 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, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.