Franklin Street secured the sale of River View Apartments, a 296-unit, garden-style rental community located in Tampa, Florida for $31 million, or $104,729 per unit. A local private investor, River View Apartments, LLC, acquired the property from New York-based Axonic Properties LLC. Jonathan Shechtman serves as managing principal for Axonic Properties.
Darron Kattan, Kevin Kelleher, Zachary Ames, and Robert Goldfinger of Franklin Street represented both parties in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the asset. Franklin Street had also arranged the sale of the same property for $23.4 million in 2017.
“The owner made a significant amount of capital improvements to River View and quickly resold the property at a much higher price,” said Kattan, managing director of multifamily investment sales for Franklin Street’s Tampa office. “Investor demand remains strong for well-located multifamily assets in established submarkets such as Northeast Tampa and cap rates continue to move down.”
Located at 5659 Del Prado Drive in Northeast Tampa, the complex was built between 1971-1972. The property features 30, two-story, residential buildings and a single-story clubhouse with a fitness center.
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.
About Franklin Street
Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, 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.