Commercial Real Estate, Capital, Insurance, Leasing & Management

Franklin Street Arranges $7.2M Sale of Value-add Multifamily Property in St. Petersburg, FL

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Southeast Property Group acquired the 44-unit community

TAMPA, FL (April 28, 2022) – Franklin Street has arranged the sale of Whitehall Horizons, a 44-unit, 64,896-sqaure-foot multifamily property in St. Petersburg, Florida, for $7.15 million, or $110.18 per square foot.

Franklin Street’s Tampa-based Multifamily Investment Sales Team of Mark Savarese, Avery Jordan, Zach Ames and Darron Kattan brokered the transaction on behalf of both the seller, Whitehall Apartments Property, LLC., and the buyer, Fort Lauderdale-based Southeast Property Group.

Built in phases between 1984 and 1987, Whitehall Horizons consists of an excellent mix of 32 two-bed, one-half bath units and 12 two-bed, one-bath units. The property consists of eight, two-story buildings featuring concrete block and wood frame construction. Each townhome-style rental unit features interior flat faced cabinetry, Formica countertops and tile flooring. Southeast Property Group is planning to implement significant value-add interior and exterior renovations.

“Value-add properties in the Tampa Bay area continue to be in high demand as the market’s exceptionally strong rent growth patterns provide significant potential for upside,” said Savarese. “The buyer’s planned renovations, coupled with the exciting growth and development occurring in St. Pete, will position Whitehall Horizons for a successful future.”

Situated on 4.75 acres, Whitehall Horizons features a swimming pool, private garages and convenient surface parking. The community is within blocks of dozens of national retailers, including Publix, Walmart, Aldi and Dunkin’, and is only a 10-minute drive to Downtown St. Petersburg.

At 4701 31st Street, the property is a 7-mile drive to Vinoy Park and the new St. Pete Pier.

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 company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Atlanta and Chicago. Learn more about Franklin Street at FranklinSt.com.

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