Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames – all of Franklin Street – represented the seller, a local investor. Danny York with Franklin Street Capital Advisors structured the debt for the buyer while Franklin Street’s Insurance division provided the policy. “Our truly holistic approach to client services provides an unmatched advantage and value to our clients that no other commercial real estate company is able to offer,” York said.
The buyer, a South Florida investor, plans to make several interior and exterior improvements to increase rents.
“This sale shows the continued trend of South Florida Buyers making a significant push into our market,” Kelleher said. “We believe this trend will intensify into next year as the search for yield continues.”
The properties are located near Veterans Hospital, a large employer in the area and the University of South Florida, which boasts more than 50,000 students. The properties are also positioned near major Interstate I-275 with easy access to downtown Tampa.
“C-class apartments have not seen the same robust lending that A and B-class products have had over the last few years,” Kelleher said. “We see that trend starting to change and with continued economic growth, we foresee significant value appreciation potential in C-class Florida apartments.
Sandanay and Stonehenge are two adjacent apartment communities located at 13132 N. 19th St. and 13136 N. 20th St. in North Tampa. Both Sandanay and Stonehenge were constructed between 1967 and 1970, built with concrete block and a flat roof.
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.