ORLANDO (January 6, 2014) —Franklin Street announces the sale of Waterstone Apartments in Orlando for $10.4 million. This sales price represents $50,000 per unit, or $38.61 per square foot.
Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street Real Estate Services represented both the seller, a private company based out of California, and the buyer, FVP KP Waterstone, LLC. The buyer is a partnership based out of Tampa and Miami, with equity out of South America. Agency financing was obtained as part of the sale.
The property offered the buyer a unique value-add opportunity as rents have considerable upward potential following the completion of property-wide renovations and improvements, which had already begun with the seller. Coupled with continued strength within the national economy and diligent management of property-related expenses, there was significant upside for investors.
“The seller had already made some management changes, done an exterior rehab and was renovating every unit on turns,” said Darron Kattan, managing director of Franklin Street Real Estate Services. “The rent increase they were already achieving was significant and the buyer will do more exterior work and continue the interior renovations to stabilize the property at a much higher NOI than it had previously achieved.”
Kattan added that the demand for an opportunity like Waterstone, with solid in place returns, ability to put agency debt in place, and good upside, drove a lot of demand from buyers, equity partners and lenders to do this deal.
“With competing offers this buyer was chosen due to his track record in closing similar deals recently,” said Kattan. “They bring a management expertise to this deal that will help them dramatically improve the profitability of the property for years to come.”
Waterstone is a 208-unit apartment community located on 16.37 acres in a dense residential area of Northwest. The property is located at 5224 Long Road, Orlando, within the Rosemont submarket of Orange County. Constructed in 1991 of wood-frame construction, the property is comprised of an uncommon mix of spacious two-, three-, and four-bedroom units that offer an attractive amenity package.
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. – See more at: https://www.tampabaynewswire.com/2015/01/06/waterstone-apartments-in-orlando-sell-for-10-4-million-31583#sthash.DfjtQcDi.dpuf