Excerpted from Tampa Bay Business Journal story.
Commercial real estate firm Franklin Street has announced the sale of 45 percent of the condominium units at Enclave at Sabal Pointe in St. Petersburg for $7.3 million, or $66,972 per unit.
Darron Kattan, Zachary Ames, Kevin Kelleher and Avery Jordan of Franklin Street’s Tampa office represented New York City-based buyer Axonic Properties and SLRE Florida Holdings LLC, the Israeli/Miami-based seller, in the transaction.
Enclave at Sabal Pointe, built in 1973, comprises 109 rental units of a 240-unit complex.
“This fractured condo deal gave investors the opportunity to buy a value-add property in a well-located area of St. Petersburg,” said Kattan, managing director at Franklin Street. “Significant renovations are planned for the asset, both interior and exterior.”