Zachary Ames, Darron Kattan, Kevin Kelleher, and Robert Goldfinger of Franklin Street, represented both the seller, a private partnership based out of Tampa Bay and the buyer, a Canadian-based investor, during the transaction.
“The buyer was in the process of migrating capital from Canada to Florida and they selected the Tampa Bay area after determining pricing in the South Florida market was too elevated,” Ames said. “Wildwood offered a solid value-add opportunity and had continuous strong interest for apartments in today’s market which allowed for a closing within contract timeframes and 2 percent of the listing price.”
Ames’ team continues to see a strong influx of foreign investors eyeing Florida multifamily viewing the U.S. as a safe haven for their capital. “Many of these buyers are coming up from Southeast Florida searching for higher yields which the Central Florida market can deliver,” Ames said.
Wildwood is an 18-unit garden-style apartment building located within 1.5 miles of downtown Clearwater and only three miles away from the Gulf Coast beaches. Constructed in 1972 of concrete-block construction and situated in a coveted area with a high barrier to entry, the property is comprised of one-and two-bedroom units. All units have recently been renovated with new appliances, cabinets, windows, granite countertops, and renovated bathrooms.
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