TAMPA, FL—As the commercial real estate market stabilizes and properties are absorbed, investors are foreseeing change—and acting on what they see, according to Franklin Street. The latest example is a lender-owned distressed multifamily property in the Tampa, FL suburb of Brandon. Franklin Street just brokered the sale of Lakeside Village for $936,000. The sales price represents $36,000 per unit or $57.25 per square foot. The final price was within 2% of the listing price.
Kevin Kelleher, Darron Kattan, Bob Goldfinger, and Zach Ames—all of Franklin Street, represented the seller, an out-of-state lender. The buyers are local owners and international investors represented by Brad Hodge of Bay Vision Realty.
“Lakeside Village is a great example of how distressed assets with significant upside potential have far more demand than supply in the Florida multifamily market,” says Kelleher. Lakeside Village was 20% occupied at the time of sale and received 14 offers within 45 days of hitting the market. The buyer plans on doing a top-to-bottom rehab to reposition the property.
Kelleher is also starting to see investors who bought distressed assets over the last few years stabilizing their properties and looking to sell for a profit. He says, “As the market continues to stabilize and we absorb the final distressed opportunities across the Tampa Bay MSA, we believe we will experience a shift in investment strategies signaling the move to a healthy, stabilized market for the foreseeable future.”
Built in 1968 and 1986, this 26-unit multifamily property is located at 110 Gornto Lake Road in Brandon. The property is positioned in a major, central Brandon location within walking distance to major retail and Brandon Town Center Mall. Download PDF