Franklin Street announces the sale of Liv @ Jasper and Liv @Jefferson – a two-property portfolio in Pinellas County for $2.8 million. This sales price represents $52,830 per unit or $75.85 per square foot.
Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street Real Estate Services represented both the seller, DRW Real Estate Management, LLC and the buyer, a private investor from the West Coast.
“The buyer was completing multiple 1031 exchanges from California,” Kattan said. “In addition to these properties, they recently bought three other apartment communities of varying sizes in Pinellas County.”
The buyer plans to operate them all centrally out of one of the larger properties they acquired, giving them economies of scale in operations.
“These properties were in good condition and full with the buyer planning minor improvements and raising rents over time,” Kattan said. “They were financed with a newer product being offered by Freddie and Fannie that we are seeing a lot of $1 million to $5 million loans that are enabling values to get pushed significantly right now.”
Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is situated on approximately one acre in a dense residential area located at 55 Jasper St. in Largo, Florida. The property contains a unit mix of one-, two-, and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located on a 0.69-acre site at 121 N Jefferson Ave. in Clearwater, Florida. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet.
About Franklin Street: Franklin Street is a family of full-service real estate companies 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—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.