Southport Financial, one of the largest affordable housing investors in the country, has expanded its Florida multifamily portfolio with the purchase of The Sands at St. Lucie in Fort Pierce. Southport Financial purchased the property for $30.2 million from Code Capital Financial.
The 320-unit apartment complex operates under Section 42, a subsidized housing and tax credit program that restricts rental rates and the income of residents to qualify as affordable housing. On a sprawling site with 21 two-story building, the property has a mix of two- and three-bedroom units and 98% occupancy. The property also features an on-site fitness center, business center, clubhouse, kids club, volleyball court, sparkling pool and hookups for washer and dryers in all units.
The Southport deal is exemplary of the trends around affordable housing. Franklin Street’s Tampa-based multifamily investment sales team of Darron Kattan, Zach Ames, Avery Jordan, and Mark Savarese arranged the sale on behalf of the seller.