Commercial Real Estate, Capital, Insurance, Leasing & Management

Yield Pro: Franklin Street arranges $56 million sale of 517-unit St. Petersburg, Florida multifamily community

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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 KattanZach AmesAvery 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.

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