Franklin Street has brokered the sale of a two-property multifamily portfolio in the University submarket of Tampa, Florida. The properties are known as the Oak Gardens Apartments and include two separate assets at 11734 N 15th Street (16 units) and 11717 N 14th Street (16 units) located one block apart. Oak Gardens sold for $2.1 million, or $65,625 per unit.
A local private investor, Drew Park Apartments, LLC, acquired the property from In the Cut, LLC, as part of a 1031 exchange. Avery Jordan, Kevin Kelleher, Zachary Ames and Darron Kattan of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.
Built in 1981, Oak Gardens is located less than one mile from the University Mall and less than two miles from the University of South Florida. The two-bedroom apartment properties will continue to be operated as for-rent multifamily homes.
“The Tampa Bay market continues to experience significant demand for multifamily investments that have a true value-add component such as Oak Gardens,” said Avery Jordan, investment sales senior associate at Franklin Street. “Despite rising interest rates, we are continuing to see strong sales volume and pricing driven largely by rent growth and upside in management efficiencies.”
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