Tampa Bay’s multifamily market is still on fire

July 1, 2019

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