Franklin Street has negotiated the sale of Rivergate Apartments, a 116-unit rental community located at 7702 Rivergate Drive in Southeast Tampa. Darron Kattan, Kevin Kelleher, Robert Goldfinger and Zach Ames with Franklin Street’s Tampa multifamily investment sales team represented the seller, 7702 Rivergate, LLC, and the buyer, Rivergate Multi Housing, LLC, both private investors, in the $7 million transaction. The property has an existing Land Use Restriction Agreement (LURA) that will expire within the next 12 months. The Palm Beach, Fla.-based buyer plans to significantly renovate Rivergate Apartments, while maximizing its income potential when the LURA restrictions expire.
“This sale indicates the tremendous level of demand for workforce housing in the Tampa Bay area,” said Kattan, managing director for Franklin Street. “The affordable housing component attracted a great deal of investor attention, both from groups looking to keep the land use restrictions in place and take advantage of tax and financing incentives, and from groups looking to convert the property to market rate deals.”
“The LURA gives the buyer a unique opportunity to reposition a property that is currently restricted but soon won’t be,” said Kelleher, senior director for Franklin Street. “Rivergate’s excellent location in a housing constrained submarket ensures that the new owner will not have challenges in keeping the community at full occupancy.”
Built in 1975, Rivergate Apartments is conveniently located off the Lee Roy Selmon Expressway and State Road 60. The property is minutes from downtown Tampa and offers easy access to nearby shopping, dining and entertainment.
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 divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.