Franklin Street negotiates the sale of Cornerstone Pointe Apartments in the popular Largo submarket of Tampa, Florida, for $10.55 million. The 111-unit multifamily community is located at 301 Seacrest Drive in Pinellas County. New York-based Milbrook Properties, Ltd., acquired the property from a private investor. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.
“Investors are still aggressively searching for true value-add opportunities,” said Kattan, Managing Director at Franklin Street. “At the time of marketing, approximately 10 percent of the units had been fully upgraded and were achieving significantly higher rents. This positive trend proved to the buyers that the upside was both real and achievable.”
“We continue to see a shortage of product in the market, especially properties over 100 units,” said Kelleher, Senior Director at Franklin Street. “Buyer demand far outweighs supply for apartment communities in Central Florida.”
Cornerstone Pointe consists of eight, two-story buildings and offers convenient access to Clearwater Beach, St. Petersburg International Airport and the 1-275/Courtney Campbell Causeway. The new owner plans to renovate all unit interiors and exteriors.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region. The team has represented more than 6,000 multifamily units valued at nearly $400 million since 2015.