Franklin Street has arranged the sale of 45% of the units at Enclave at Sabal Pointe, a garden-style condominium community located at 2148 54th Ave S in St. Petersburg, Fla., for $7.3 million, or $66,972 per unit. Darron Kattan, Zachary Ames, Kevin Kelleher, and Avery Jordan of Franklin Street’s Tampa office represented both the seller, Israeli/Miami-based SLRE Florida Holdings, LLC, and the New York City-based buyer, Axonic Properties. Enclave at Sabal Pointe consists of 109 rental units out of a 240-unit complex.
“This fractured condo deal gave investors the opportunity to buy a value-add property in a well-located area of St. Petersburg,” said Kattan, managing director at Franklin Street. “Significant renovations are planned for the asset, both interior and exterior.”
“Enclave at Sable Pointe offered an opportunity to buy 109 condos at a discount to multifamily pricing in a market we believe is rapidly growing,” said Jonathan Shechtman, Managing Principal at Axonic Properties.
Built in 1973, Enclave at Sabal Pointe consists of 13 garden-style buildings with one-, two- and three-bedroom models. The property offers convenient access to major roadways (I-275 and US-19).