The LIHTC transaction marks the largest multifamily sale in Florida for 2022 so far
TAMPA, FL (August 19, 2022) – Franklin Street has arranged the sale of a five-property, 1,383-unit, LIHTC multifamily portfolio in Central Florida. Sold in an off-market transaction, the portfolio achieved the highest total sale value for any multifamily sale closed in Florida so far this year.
Franklin Street’s Tampa Multifamily Investment Sales Team of Zach Ames, Darron Kattan, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe brokered the transaction on behalf of both the buyer and seller.
The properties in the portfolio are:
- Cobblestone, 110 Cobblestone Circle, Orlando, FL – 420 units
- Raintree, 1305 Raintree Bend, Orlando, FL – 313 units
- Kensington, 1700 Kenyon Circle, Orlando, FL – 289 units
- Mystic Pointe II, 10700 Hobbit Circle, Orlando, FL – 265 units
- Madison Cove, 500 SW Archer Rd., Gainesville, FL – 96 units
The five properties were built between 1998-2001 and comprise a total lot size of 112.61 acres.
“Florida multifamily whether it is new construction, value-add or LIHTC, continues to be one of the most in-demand asset types for investors, especially within the Central Florida market, where population growth is fueling nonstop demand,” said Ames. “This transaction involved a competitive bidding process and we are pleased to have closed at contract price in a record-setting deal.”
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.