Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames, all of Franklin Street represented the seller Avesta Communities, a local multifamily investment and management firm. The buyer is a private international investor from South America.
“Avesta Communities acquired the property for $600,000 back in April of 2012,” Kelleher said. “Throughout the last few years, they have significantly renovated the property and stabilized its operations. Through these efforts, they were able to sell the property for more than twice their purchase price and realized a significant return on investment.”
Renovations to the property included new landscaping, exterior painting, roof and gutter repairs, and interior upgrades including new appliances and equipment.
“We continue to see sellers of previously-distressed properties taking profits in the robust market we are in,” Kelleher said. “Equity from around the world is entering the Florida real estate market. Foreign investors view Florida as a safe harbor when compared to their country of origin which is experiencing higher levels of economic uncertainty.”
Lexington Court is located at 11738 N. 14 St. within the University of South Florida submarket of North Tampa. “The Northeast submarket near USF has seen significant stabilization over the last 24 months,” Kelleher said. “Twelve months ago, there were still dozens of foreclosures and now we have a handful left.
The property is situated near Veterans Memorial Hospital, Busch Gardens, and University Mall and consists of 21 concrete block duplexes situated on 2.46 acres of land.
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