HOLIDAY, Fla. – (September 3, 2014) —Franklin Street announces the sale of Park at Barrington for $12,300,000 representing $50,410 per unit.
Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zach Ames – all of Franklin Street – represented the seller, a local investor. The buyer is also a local investor.
“Being on the market for over a year, an obstacle we had to overcome for the sale of Park at Barrington, was its location in a tertiary market,” Kattan said. “However, the quality of the construction and the overall condition of the property helped us overcome that challenge. Tertiary markets and MSAs are still seeing good activity. This shows the strength of the Tampa Bay area.”
The property included all concrete block construction with stucco exterior walls and concrete floors. In 2006 and 2007 all units had major renovation including a new clubhouse, designer-tiled floors, walk-in closets, upgraded counter tops, chair rails, fans, and European light fixtures. Community amenities include a fitness center, three pools, gates, fencing, designer clubhouse, laundry facility, dog park, and professional landscaping.
“The Florida multifamily market remains the hottest product out there for buyers and they are hungry for deals. New lenders are showing up every day giving buyers and developers more access to cash,” Kattan said. Built in 1972, Park at Barrington has 244 units and is located at 4348 Plaza Drive in Pasco County. The property is just North of Pinellas with ingress and egress directly onto U.S. 19. The majority of the units have private patio/balconies, and three and four-story units available.
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.