Port St. Lucie, FL – Franklin Street is pleased to announce the successful sale of a Class B, value-add multifamily property located at 1900 & 1942 SE Hillmoor Dr, Port St. Lucie, FL 34952. The 230-unit property, situated on 21.72 acres with a total of 276,916 rentable square feet, was listed and sold by Franklin Street’s Tampa multifamily team, led by Darron Kattan, alongside Avery Jordan, Mark Savarese, and Cary Brown. They represented both the buyer, Trinity Property Group, and the seller, Covenant Capital Group.
“This transaction is particularly noteworthy given the challenging market conditions,” said Darron Kattan, Lead Broker at Franklin Street. “The buyer’s decision to assume the existing loan while simultaneously purchasing a new rate cap enabled the deal to move forward. Despite rapidly deteriorating submarket conditions caused by significant supply additions in the local area, the buyer knows the market will recover and see tremendous rent growth in the 3–5-year horizon.”
The property, originally built in 1991 and 1994, has undergone extensive renovations, including updates to all units and amenities. The new owner, Trinity Property Group, plans to continue these renovations and improve management performance to maximize the property’s potential as the local market rebounds.
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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 lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
