TAMPA (October 2, 2013) — Franklin Street Real Estate Services announces the sale of Seasons, a 240-unit apartment community in Tampa, Fla., for $13,125,000. The sales price represents $54,688 per unit and $71.33 per square foot.
Darron Kattan, Kevin Kelleher, Robert Goldfinger, and Zach Ames all of Franklin Street, represented both the buyer, Seasons Property Holdings, LLC and the seller, Bayside Ventures IV, LLC in the transaction.
“Seasons was in good shape on the exterior, and was well occupied but hadn’t been renovated on the interiors,” Kattan said. “The buyer plans on upgrading all the interiors and the common areas.”
More than $1.2 million in exterior construction renovations were applied to the property since January 2012.
“The renovations, coupled with the management expertise this buyer brings to the table, should result in significant rent increases as the leases turn over,” Kattan said. “Multifamily remains the most in-demand product type and this listing got quick attention when we hit the market. We had an agreement in place within days of being on the open market. Buyers are jumping at the opportunity to own well-located apartments that are in good shape and/or have upside in them.”
Built in 1983 and 1986, Seasons includes a mix of one, two, and three-bedroom apartments, mostly concrete block construction with some wood frame located at 11305 N. 51 St. in Tampa, Fla. Improvements included remodeling of the leasing office and pool areas, new roofs, resurfaced parking lots, new paint, improved landscape design, new maintenance building, partial interior upgrades, and rebranding which included renaming the community.
About Franklin Street: Franklin Street is a family of real estate companies focused on delivering value-added solutions to meet the evolving needs of our 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 see the company’s website at FranklinSt.com.