The multifamily property was 97% occupied at the time of sale
LAKELAND, FL (May 5, 2023) – Franklin Street has arranged the sale of a 24-acre, 170,992-square-foot multifamily property in Lakeland, Florida.
Franklin Street’s Multifamily Investment Sales Team of Zach Ames, Darron Kattan, Avery Jordan, Mark Savarese and Cary Brown brokered the transaction on behalf both the of the seller Connecticut-based Corridor Ventures, and the buyer Florida-based Sunshine Properties LLC. Franklin Street Casey Siggins, Senior Director of Capital Advisory, secured a 10-year loan with 10 years of interest only at 5.19% with a no prepay penalty from a regional lender for the buyer, while Michael Conlon with Franklin Street Insurance Services secured the insurance.
Built in 2001, Water’s Edge Apartments comprises 15 buildings with 120 units consisting of all two-bedroom and two-bathroom base, upgrade and premium upgrade units. The property features on-site property management …
“We are thrilled to have been a part of this successful transaction. This property presented an excellent investment opportunity in a growing market, and we are pleased to have been able to facilitate a successful sale,” said Zach Ames.
Located at 3625 New Jersey Rd., the property is conveniently located near local nightlife, restaurants and local universities.
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.