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Featured Deal In the News

Franklin Street Brokers $18.5M Sale of 482-Unit Multifamily Portfolio in Montgomery, AL

The two-property portfolio offers significant value-add potential through additional renovations and lease up

Montgomery, AL (October 1, 2020) – Franklin Street has arranged the sale of a 482-unit, value-add multifamily portfolio for $18.5 million. The two communities, The Fields One Center and The Fields Carriage Hills, provide an opportunity for strong post-renovation return in a steadily improving rental market.

Two Waters Capital Management, an Atlanta-based multifamily acquisition and asset management firm, acquired the portfolio from Elite Street Capital, a real estate investment and development firm based in Houston. Franklin Street’s Atlanta Multifamily Investment Sales Team of Dan Phelan, Jake Reid, Chad Defoor and Alex Croy brokered the transaction on behalf of the seller.

The Fields portfolio is made up of 52 two-story buildings across approximately 36.25 acres. The units average 970 square feet, ranging in size from one-bedroom apartments to three-bedroom, 2.5-bathroom townhomes with private courtyards and covered carports.

The portfolio was 72% occupied at time of sale due to the seller’s focus on improving the quality of the tenant base and bringing offline units to rent-ready status. Approximately 36% of units have received upgrades to bathrooms and kitchens, including new appliances, countertops, backsplashes, flooring and fixtures. Monthly rents average $634, and renovated units are obtaining $100-$150 more per month than standard units.

“The Fields Portfolio offered the buyer a coveted opportunity to add significant scale to their existing Alabama holdings with the acquisition of two value-add assets with significant upside through completing renovations,” said Phelan. “Looking ahead, Montgomery’s steady employment trend and quiet multifamily construction pipeline, along with the ability to deliver renovated units to the market, position these properties long-term for healthy occupancy and rent growth.”

The Fields One Center and The Fields Carriage Hills are situated at 4220 Strathmore Drive and 3364 Fountain Lane, respectively, and are approximately 1.7 miles from one another. Both assets offer direct access to major highways and interstates and close proximity to the city’s largest employers, schools and retail/restaurants.

Amenities offered in the portfolio  include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities

For Franklin Street press inquiries, please contact Public.Relations@Franklinst.com.

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Featured Deal

Franklin Street Brokers Sale of Little Havana Multifamily Asset for $3.1M

The 29-unit property secured multiple qualified offers and sold in an all-cash transaction

Miami (September 14, 2020) – Franklin Street has brokered the sale of Villa La Pinta, a 29-unit multifamily property located in Miami’s highly sought-after East Little Havana submarket. The asset sold for $3.1 million in an all-cash transaction executed in 16 days from contract to close.

The Franklin Street South Florida multifamily investment sales team, consisting of Oscar Banegas, Sergio Diez, Ryan Wold, Dan Dratch and Greg Matus, brokered the deal on behalf of both the private seller and the buyer, who is an active investor in the South Florida multifamily market.

“Our team received multiple all-cash offers within the first five days of marketing this asset, and we are pleased to have closed quickly and successfully,” said Wold.

Villa La Pinta features a unit mix of 23 one-bedroom apartments, five studio units and one efficiency. The property, built in 1925, offers several opportunities for value-add improvements, and the buyer plans to implement significant updates to modernize the building and enhance all living spaces.

“Despite being an older property, Villa La Pinta has achieved high rents due to its proximity to downtown Miami and Brickell. The buyer now has an excellent opportunity to stabilize and sustain those rents through a renovation program,” said Banegas.

At 501 SW 6th Court, Villa La Pinta is located in the heart of Little Havana, approximately a mile west from Downtown Miami and Brickell City Centre, which consists of national retailers and renowned dining and hospitality concepts. Three blocks south of the property is the world-famous “Calle Ocho,” which serves as a major tourism hub.

For press inquiries, contact Public.Relations@Franklinst.com.

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Featured Deal

Franklin Street Brokers $1.35 M Sale of Hollywood & Via Del Rio in Tampa, FL

Tampa, FL (July 20, 2020) – Franklin Street has brokered the sale of Hollywood & Via Del Rio, an 11-unit apartment community located in the city of Tampa, Florida.

Franklin Street’s Tampa multifamily investment sales team, Avery Jordan, Zach Ames, Mark Savarese, and Darron Kattan represented the seller, Southern FL 46, LLC in the $1,350,000 transaction. The buyer, Hollywood Del Rio Apartments, LLC paid $122,727 per unit and is planning to implement select renovations to increase the value of the property. Franklin Street Capital arranged the financing for the deal.

“We sold at full asking price during the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “We were able to go from contract signing to closing in 60 days despite various challenges presented by state and local restrictions. This demonstrates the continued strength of the market and specifically showcases the demand for resilient B class assets.” 

Hollywood & Villa Del Rio is located at 708 & 714 Hollywood St in Tampa, Florida.  Built in 1925, Hollywood & Villa Del Rio is comprised of 9,221 SF of living space. The waterfront property is located on the Hillsborough River in the historic Seminole Heights district.

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Uncategorized

News in Brief: December 18, 2019

Excerpted from South Florida Business Journal story.

Franklin Street brokered the $2.2 million sale of Park Terrace Apartments, a 14-unit rental property in Hallandale Beach, on behalf of 324 S.W. 19th Avenue LLC. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2019/12/18/news-in-brief-12-20-2019.html

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Uncategorized

Franklin Street Negotiates Apartment Sale in University Submarket of Tampa, Florida

Franklin Street has negotiated the sale of Bella Vista Apartments, a 16-unit rental property located at 803 E 120th Avenue near the University of South Florida in Tampa, Fla.  Avery Jordan, Zach Ames and Mark Savarese with Franklin Street’s Tampa multifamily investment sales team represented the seller, Tampa-based WLW Capital, LLC, in the sale for $1.975 million.

The buyer, Catholic Charities Diocese of St Petersburg, Inc., paid $123,438 per unit, making it the highest per unit value for a pre-2000 era multifamily property sold in Tampa’s University area.  Over the past three years, Franklin Street has brokered more than $920 million in multifamily investment sales transactions nationwide.

“This transaction achieved a premium market price per unit due to the fact that it was a fully renovated, turn-key investment,” said Jordan, senior associate in Franklin Street’s Tampa office. “The University area is home to some of the region’s most robust education, healthcare and tourism. We continue to see strong investor demand for high-quality apartment product near major employment drivers.”

Built in 1986, Bella Vista Apartments was recently renovated and offers convenient access to Interstate 275 and downtown Tampa. The new owner plans to provide quality affordable housing to residents in Tampa’s Innovation Alliance District.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street 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 – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com

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Uncategorized

Franklin Street Closes Record Sale of Rental Community in Fort Lauderdale Submarket

Franklin Street brokered the sale of Park Terrace Apartments, a 14-unit rental property located in the Hallandale Beach submarket of Fort Lauderdale, Fla.  Franklin Street’s Hernando Perez represented the seller, Florida-based 324 SW 19th Avenue, LLC, in the $2.225 million transaction.  Over the past three years, Franklin Street has brokered more than $920 million in multifamily investment sales transactions nationwide.

The buyer, a local private investor, paid $158,928 per unit or $203.79 per square foot, making it the highest per square foot value for a 1960s property sold in  Broward County’s Hallandale Beach area since 2007.  Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.

“South Florida’s strong population and job growth, combined with the lack of affordable single-family homes, continue to push the demand for apartment rentals,” said Perez, director of multifamily investment sales for Franklin Street. “The asset received multiple offers immediately after hitting the market due to its attractive unit mix, AAA-rated location and ongoing redevelopment at the renowned Diplomat Golf & Tennis Club nearby.”   

Built in 1966, Park Terrace Apartments is situated at 915 NE 8th Street, just east of Federal Highway/US 1 and south of Atlantic Shores Boulevard. The property features a mix of large one-bedroom and two-bedroom units. The building was recently upgraded with new kitchen cabinets including modern appliances, bathroom vanities, fixtures and tile work throughout.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street 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 – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com

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Uncategorized

Franklin Street Closes Record Sale of Rental Community in Fort Lauderdale MSA

Franklin Street brokered the sale of Park Terrace Apartments, a 14-unit rental property located in the Hallandale Beach submarket of Fort Lauderdale, Fla.  Franklin Street’s Hernando Perez represented the seller, Florida-based 324 SW 19th Avenue, LLC, in the $2.225 million transaction. Over the past three years, Franklin Street has brokered more than $920 million in multifamily investment sales transactions nationwide.

The buyer, a local private investor, paid $158,928 per unit or $203.79 per square foot, making it the highest per square foot value for a 1960s property sold in  Broward County’s Hallandale Beach area since 2007.  Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.

“South Florida’s strong population and job growth, combined with the lack of affordable single-family homes, continue to push the demand for apartment rentals,” said Perez, director of multifamily investment sales for Franklin Street. “The asset received multiple offers immediately after hitting the market due to its attractive unit mix, AAA-rated location and ongoing redevelopment at the renowned Diplomat Golf & Tennis Club nearby.”    

Built in 1966, Park Terrace Apartments is situated at 915 NE 8th Street, just east of Federal Highway/US 1 and south of Atlantic Shores Boulevard. The property features a mix of large one-bedroom and two-bedroom units. The building was recently upgraded with new kitchen cabinets including modern appliances, bathroom vanities, fixtures and tile work throughout. 

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street 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 – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

 
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Ask The Expert Trends

Ask the Expert: Is the multifamily market in Fort Lauderdale being overbuilt?

Ask the Expert: Is the multifamily rental market in Fort Lauderdale being overbuilt?

“No, because there continues to be a high demand for that type of product.  The newer multifamily product being built is fully amenitized with features that really separate them from the private clients we deal with.  In fact, the new construction and amenities provide an opportunity for the owners of neighboring Class B and C assets to implement a value-add program and push rents based on interior and exterior upgrades. Our clients can often bring in quality tenants from the larger Class A buildings by offering them a safe apartment with beautiful finishes in the same neighborhood, but for $200 to $400 less in monthly rent!”

Dan Dratch
Senior Associate, Multifamily Investment Sales
Franklin Street
Dan.Dratch@FranklinSt.com
Direct: 954.312.1677

 
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Trends

Area on pace to set multifamily sales volume record

Excerpted from Business Observer story.

The resiliency of the multifamily market statewide, but particularly in Tampa, continues to defy the odds.

Fresh of the news the state needs more apartments, not fewer — according to an October report from the Florida Apartment Association, an Orlando-based trade group — comes this nugget, from data analytics firm CoStar: Tampa Bay has reached nearly $2.5 billion in apartment sales year-to-date through September, which puts the region on pace to break the record set in 2018, at $2.77 billion.

“Eight years ago, Tampa Bay may not have been on people’s radar, but today it is,” says Zach Ames, senior director at Franklin Street in Tampa, in the CoStar report. “I don’t think we’re overbuilt, even though it may seem that way. There’s still a shortage of housing.”

CoStar says the Tampa apartment sector has been rapidly rising since 2015. It cites the standard factors for the increase: population gains and job growth, which “have driven yields above the national average,” the report states.

Also, a pair of recent deals helped push Tampa Bay’s price-per-unit average to around $143,000. That bests Dallas-Fort Worth, Houston and Las Vegas, the report shows, while trailing New York, Miami and Chicago. (See “Tampa Bay apartment market continues to flourish” for more on the robust area multifamily market.) 
 
For full story, visit https://www.businessobserverfl.com/article/area-on-pace-to-set-multifamily-sales-volume-record

Multifamily momentum
Region           Price per unit, multifamily sales, 2019

New York     $395,000

Miami            $208,000

Chicago         $197,000

Tampa Bay  $143,000

Las Vegas    $136,000

Dallas-Fort Worth $131,000

Houston        $120,000

Source: CoStar

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Ask The Expert Trends

Ask the Expert: What is the short-term outlook for South Florida multifamily?

Ask the Expert: What is the short-term outlook for South Florida’s multifamily market?

“As we look to wrap up 2019, the South Florida market will continue to see a big push into multifamily investments.  We are getting quoted some of the lowest interest rates in years, which is allowing us to secure even higher values for our clients. The banks believe in the product here in South Florida, so they will remain eager to lend on the opportunities. We also have owners who are starting to wonder what could happen to the real estate market should we have a major change in the presidential office next year.  This uncertainty, mixed with the strong property values and low interest rates, will no doubt cause a lot of owners to make the decision to put their buildings on the market as we enter 2020.”

Dan Dratch
Senior Associate, Multifamily Investment Sales
Franklin Street
Dan.Dratch@FranklinSt.com
Direct: 954.312.1677