Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay-Area Community Sells for $13M

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Milbrook Properties has sold the 111-unit multifamily property located 3 miles east of downtown Largo, Fla. Franklin Street brokered the transaction and secured the acquisition financing.

Excerpted from Multi-Housing News story.

Milbrook Properties has sold Cornerstone Pointe Apartments, a 111-unit community in Largo, Fla. S.N.S Property Management, the U.S. division of R.O.I Capital Group, acquired the Tampa Bay-Area property for $13.4 million. According to Pinellas County records, the sale was also subject to a $9.5 million Freddie Mac loan originated by Berkadia Commercial Mortgage, due to mature in 2026. Franklin Street represented both parties in the transaction, secured the acquisition financing and insured the asset.

Located at 301 Seacrest Drive, the Class B property is 3 miles east of downtown Largo and roughly 21 miles west of downtown Tampa, accessible via Interstate 275. There are several dining and shopping options in the immediate area, including the Publix-anchored Tri-City Plaza. St. Pete–Clearwater International Airport is 4.4 miles southeast.

Developed in 1972 on a 14.9-acre site, Cornerstone Pointe consists of eight two-story buildings. The unit mix features one- and two-bedroom units with floorplans averaging 1,019 square feet. Common-area amenities include a swimming pool, basketball court and playground, as well as 250 parking spaces. The new owner plans to undertake complete interior and exterior renovations at the property, which was 96.4 percent occupied in June, Yardi Matrix shows.

Franklin Street’s Tampa multifamily investment sales team of Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan represented the seller and the buyer in the deal. Casey Siggins of the company’s Capital Advisors division secured the acquisition financing, while Insurance Services’ Lonnie Kitchen insured the property.

The Franklin Street brokers also represented both parties in the disposition of a 110-unit community in Tampa, Fla., in May. The multifamily asset traded for $13.1 million.

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