TAMPA, FL (July 3, 2023) – Franklin Street has arranged the sale of Uptown Villas, a 90-unit, 63,282-square-foot value-add multifamily portfolio in Tampa, Florida, for $9.75 million, equating to $108,333 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 seller, Atlanta-based Dreamstone Investments, and the buyer Uptown Villas 68 22 LLC.
The buyer intends to implement a value-add strategy to enhance the property and leverage the growth of the Tampa submarket.
“This transaction is a testament to the resilience of the Tampa multifamily market and culminates nearly two years of diligent effort from our team,” said Avery Jordan.
Jordan added, “The asset’s proximity to major economic drivers sustains consistent demand for workforce housing, making the Uptown submarket an exceptionally attractive location for multifamily investment.”
Uptown Villas, constructed in phases between 1972 and 1974, comprises two properties: Uptown 22 with a unit mix including four studio units, 14 one-bedroom and one-bathroom units, and four two-bedroom and one-bathroom units; Uptown 68 with a unit mix of 44 one-bedroom and one-bathroom units, and 24 two-bedroom and one-bathroom units.
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.