Franklin Street brokers sale of Arch Avenue Apartments utilizing three departments
OLDSMAR, FL — Franklin Street, a full-service commercial real estate firm serving institutional and private clients nationwide, announced it has brokered the sale of Arch Avenue Apartments, a 10-unit multifamily property located at 3087 St. Clair Ave., 3123 Duane Ave. and 3661 Arch Ave. in Oldsmar, Florida. Built between 1979 and 1981, the property was purchased by St. Clair Property Investment LLC. Franklin Street provided full-service solutions for the seller by representing the seller and facilitating the sale, securing financing through its capital advisory practice, and underwriting property coverage through its in-house insurance brokerage.
“In a market where rates are moving quickly, securing long term, fixed rate financing with competitive pricing and flexible prepayment options can make a meaningful difference for investors,” Dakota Brown, senior director capital advisory, Franklin Street, said. “Our team was able to execute a 10-year fixed rate loan at 6.20% with the rate locked for 60 days at signing of term sheet. This was a max leverage loan with a 30-year amortization, 12 months of IO, and a 3,2,1 stepdown prepayment penalty. This transaction is great example of the value of having the right financing strategy and lender relationships in place to successfully execute on investment goals.”
At the time of sale, the property was 90% occupied and featured single-story, two-bedroom floor plans averaging approximately 1,005 square feet. Each unit includes a private rear patio, in-unit washer and dryer, and access to garage parking, with four of the five duplexes offering garages. In 2024, ownership completed roof replacements across the portfolio and installed white vinyl fencing to create private backyard spaces. The property is also located near a variety of major retailers, including Chick-fil-A, CVS, Walmart, and Aldi.
“Bringing this deal across the finish line required close coordination and collaboration across multiple Franklin Street business lines, while adapting to a rising interest rate environment,” Mark Savarse, senior director investment sales, Franklin Street, said. “While cap rate expansion has put pressure on property values across the market, we continue to see results in the sub-30-unit space, where our team has once again delivered premium pricing for our clients.”
Savarese and Geno Cronin, senior associate, represented the seller in the transaction, Brown secured the financing, and Michael Conlon, executive managing partner, wrote the insurance policy.
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About Franklin Street
Franklin Street is a privately held, full-service commercial real estate services firm headquartered in Tampa, Florida. The firm provides tailored solutions nationwide, serving owners, occupiers, and developers through Capital Markets, Insurance Services, Leasing, and Management. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.