This rare, off-market transaction marks the first time the value-add property has traded hands since 2009
TAMPA, FL (July 24, 2023) – Franklin Street has arranged the sale of Pebblewood Apartments, a 54-unit, 35,504-square-foot, value-add multifamily property in Tampa, Florida, for $6.5 million, equating to $120,370 per unit.
Franklin Street’s Multifamily Investment Sales Team of Avery Jordan, Darron Kattan, Mark Savarese and Cary Brown arranged the transaction on behalf of the buyer, Tampa Real Estate Holdings, LLC. Franklin Street Casey Siggins, Senior Director of Capital Advisory, secured a 3-year loan with 12 months of interest only at 5.75% for the buyer, while Michael Conlon, Senior Director, with Franklin Street Insurance Services secured the insurance.
The buyer plans to implement a comprehensive value-add strategy to improve the curb appeal and modernize the interiors.
Built in 1983, Pebblewood Apartments at 11312 N 52nd St., is located in a prime location minutes away from local universities, shopping centers, healthcare facilities and entertainment.
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 $7 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 firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.