Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay’s multifamily market is still on fire

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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 sale of Enclave at Sabal Pointe for $7.3 million.

Excerpted from Tampa Bay Business Journal story.

From new towers to reviving aging properties, there’s no shortage of interest in Tampa Bay’s multifamily real estate.

The apartment sector — developing new communities and renovating old ones — has been a hot investment category for several years. Now, the multifamily market is evolving to include the development of new luxury condo towers.

Below is a roundup of notable transactions and project proposals in the second quarter of 2019.

Enclave at Sabal Pointe

ADDRESS: 2148 54th Ave. S, St. Petersburg

SALE PRICE: $7.3 million, or $66,972 per unit (45 percent of units)

SELLER: Franklin Street

BUYER: Axonic Properties and SLRE Florida Holdings LLC

INFO: Enclave at Sabal Pointe, built in 1973, comprises 109 rental units of a 240-unit complex. 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.

For full story, visit https://www.bizjournals.com/tampabay/news/2019/06/28/tampa-bay-s-multifamily-market-is-still-on-fire.html

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