Franklin Street has brokered the sale of Royal Village, a 68-unit apartment community located in the city of Tampa, Florida.
Franklin Street’s Tampa multifamily investment sales team, Avery Jordan, Kevin Kelleher, Zach Ames, Darron Kattan & Mark Savarese represented the seller, Villa Amor, LLC and the buyer, Dreamstone Investments, in the $5,088,000 transaction. The buyer paid $74,824 per unit and is planning a value-add strategy to significantly improve NOI.
“We sold at 96% of our list price during the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “There is still plenty of investment capital earmarked for multifamily assets. With the acquisition of Royal Village, the buyer was able to leverage an existing portfolio to create operational efficiencies and create significant value through economies of scale.”
Royal Village is located at 13911 N 19th St in Tampa, Florida within the Innovation Alliance “Uptown” District. Built in 1972, Royal Village is comprised of 49,688 SF of living space. The property is just minutes away from several of Tampa’s largest employers including Busch Gardens, James A. Haley Veteran’s Hospital, Moffitt Cancer Center & Advent Health Hospital.