Franklin Street has arranged the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg, Florida, for $56 million, or $108,317 per unit.
Franklin Street’s Tampa-based Multifamily Investment Sales Team of Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties, LLC.
Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring opportunistic, value-add assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974.
