Franklin Street provides investment sales services, capital advisory, and insurance services for $12.19 million transaction

PORT RICHEY, Florida —

Franklin Street, a national commercial real estate services firm, has brokered the $12.19 million sale of Cottage Court, a 92-unit multifamily community located in Port Richey, Florida.  Franklin Street represented both the seller, Prosperity Capital Partners, and the buyer, Park Avenue Asset Management, a privately held firm based in California, in the transaction. The deal represents Park Avenue Asset Management’s largest Florida multifamily acquisition to date.  

“Despite volatility in the capital markets, we ran a 45-day exclusive listing process that generated competitive bidding and ultimately delivered the best pricing and terms for our client, Avery Jordan, regional managing director, Franklin Street, said.  “With catalysts like the Moffitt Speros campus and the Ridge Road extension to the Suncoast Parkway, investor interest in West Pasco County continues to build momentum.” 

The 92-unit multifamily community is located at 7110 Tudor Lane and sits on more than eight acres. The buyer intends to execute a strategic value-add plan focused on enhancing resident experience through interior renovations, upgraded landscaping, and refreshed amenities. The property also includes a clubhouse/leasing office, swimming pool, BBQ area, and valet trash service. 

“Already owning in the submarket and having our property management team in place, we saw Cottage Court as a great opportunity to absorb into our portfolio,” Mitchell Monroe, associate, Park Avenue Asset Management, said. “Having Franklin Street not only list the property but also execute the financing and insurance made the acquisition process seamless and allowed us to focus our resources on executing site level due diligence” 

In addition to Jordan, Darron Kattan, executive managing partner, and Mark Savarese, senior director, were on the investment sales team that brokered the transaction. Additionally, Dakota Brown, senior director, and Franklin Street’s Capital Advisory division secured financing, while Michael Conlon, senior managing director, and the Insurance Services team placed the buyer`s property and casualty coverage. This transaction demonstrates Franklin Street’s ability to deliver seamless, full-service execution.