Excerpted from Tampa Bay Times story.
Cornerstone Pointe Apartments, a 111-unit rental community in Largo, has been sold for $13.4 million. The complex at 301 Seacrest Drive 301 consists of eight, two-story buildings. The Tampa brokerage Franklin Street negotiated the sale from New York-based Cornerpointe Gardens LLC to Cornerstone Pointe LP.
“There continues to be a supply/demand imbalance with significant capital chasing few available properties, which is keeping pricing elevated,” said Zachary Ames, senior director for Franklin Street. “With the current low interest rates, we believe this trend will continue throughout the year.”