SAINT PETERSBURG, FL (July 27, 2023) – Franklin Street has arranged the sale of Aqua 550, a 40-unit, 37,004-square-foot value-add multifamily property in Saint Petersburg, Florida, for $7.25 million, equating to $181,250 per unit.
Franklin Street’s Multifamily Investment Sales Team of Avery Jordan, Darron Kattan, Mark Savarese and Cary Brown brokered the transaction on behalf of both the sellers, California-based Aqua Investors 550 LLC, BC Aqua 550 LLC and KM Aqua 500 LLC, as well as the buyer California-based Only the Best RE LLC.
Using Franklin Street’s collaborative platform, Casey Siggins, Senior Director of Capital Advisory, secured a non-recourse 7-year loan with 7 years of interest only payments for the buyer. Meanwhile, Michael Conlon, Senior Director, with Franklin Street Insurance Services secured the insurance.
Built in 1969, the property underwent recent renovations in 2022. Aqua 550 comprises 11 one-bedroom and one-bathroom units, along with 29 two-bedroom and one-bathroom units. Select units have received upgrades, including stainless steel appliances, white cabinetry, upgraded countertops and vinyl wood flooring. On-site amenities include a pool, dog park, picnic area and two on-site laundry facilities.
“This was an excellent opportunity for the buyer to acquire a well-located, turn-key asset with strong proven upside potential. The buyer plans to continue to build upon the upgrades completed by the previous owners and capitalize on the growth of the St. Petersburg market,” said Avery Jordan.
Casey Siggins said, “Our Capital Markets team secured attractive Fannie Mae financing for the buyer, satisfying their 1031 exchange requirements amidst a challenging interest rate environment.”
Located at 550 50th Ave N., the property is conveniently situated minutes away from Downtown St. Petersburg, with major healthcare facilities including St. Anthony’s Hospital, University of South Florida – St. Pete Campus, Johns Hopkins All Children’s Hospital, Bayfront Health St. Petersburg, and local entertainment at Tropicana Field, as well as transportation at Albert Whitted Airport.
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.