TAMPA, FL—South Florida investors are flooding the Tampa market. So says Franklin Street agents—and they are offering a prime example in the recent sale of Sandanay and Stonehenge Apartments.
The Tampa multifamily communities sold for $3.050 million. The sales price represents $30,500 per unit and $39.97 per square foot.
Franklin Street’s Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames represented the seller, a local investor. Danny York with Franklin Street Capital Advisors structured the debt for the buyer, a South Florida investor that plans to make several interior and exterior improvements to increase rents.
“This sale shows the continued trend of South Florida Buyers making a significant push into our market,” Kelleher tells GlobeSt.com. “We believe this trend will intensify into next year as the search for yield continues.”
The multifamily assets are located near Veterans Hospital, a large employer in the area, and the University of South Florida, which schools over 50,000 students. The multifamily properties are also positioned near major Interstate 275 with access to Downtown Tampa.
“C-class apartments have not seen the same robust lending that A and B class products have had over the last few years,” Kelleher says. “We see that trend starting to change and with continued economic growth, we foresee significant value appreciation potential in C class Florida apartments.”
Sandanay and Stonehenge are neighboring multifamily communities located at 13132 North 19th Street and 13136 North 20th Street in North Tampa. Both were constructed between 1967 and 1970, built with concrete block and a flat roof. View PDF