Franklin Street announces the sale of the 41-unit Tuskawilla Park Apartments, located in Winter Springs, Florida, for $6.95 million. The sales price represents $169,512 per unit.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services represented the seller, California-based Pathfinder Landology ISIS Holdings LLC, and the buyer, Virginia-based CIG Tuskawilla Park LLC, in the transaction.
“Tuskawilla’s unique size for a Class A community attracted the buyer to the property, which is well positioned to enjoy significant rent growth through market conditions and initiatives the buyer will implement,” Kattan said. “Nearby new construction will make the area even more vibrant and desirable.”
Tuskawilla Park, located at 154 Tuskawilla Road, is a conventional mid-rise, elevator-serviced apartment community originally built in 2009 as luxury condominiums before being converted to a rental property. In addition to an attractive unit mix and a number of best-in-class luxury finishes, the Class A apartment community also includes 6,377 square feet of ground-floor commercial space which is fully leased by two local engineering firms and the Florida Department of Motor Vehicles.
About Franklin Street: Franklin Street is a family of full-service real estate companies 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—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com