Franklin Street has negotiated the $13.4 million sale of Cornerstone Pointe Apartments, a 111-unit rental community located at 301 Seacrest Drive in the Largo submarket of Tampa, Fla. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan with Franklin Street’s Tampa multifamily investment sales team represented the seller, New York-based Cornerpointe Gardens LLC, and the local buyer, Cornerstone Pointe LP, both private investors, in the transaction. Franklin Street Capital Advisors’ Casey Siggins secured financing for the sale and Franklin Street Insurance Services’ Lonnie Kitchen insured the asset.
“There continues to be a supply/demand imbalance with significant capital chasing few available properties, which is keeping pricing elevated,” said Ames, senior director for Franklin Street. “With the current low interest rates, we believe this trend will continue throughout the year.”
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.
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.