Franklin Street, a full-service commercial real estate company, announces the sale of Cedar Cove Apartments in Tampa, Fla., for $10.7 million. The community consists of 180 units on 9.14 acres. The sale price was approximately $59,445 per unit and $53.85 per square foot.
A team of Franklin Street brokers from the Tampa and Jacksonville offices worked collaboratively to close the transaction. Out of the Tampa office, Darron Kattan, managing director, Robert Goldfinger, managing director, Kevin Kelleher, senior director, and Zach Ames, senior director, represented the seller, Metis Brentwood, LLC, based in Florida. Matt Kesterson, senior director, and James Reed, senior director, out of Franklin Street’s Jacksonville office represented the buyer, Southeast Residential Recovery Fund VIII, LLC, based in Delaware.
Just last month, Franklin Street sold the Park at Chesterfield, about a half-mile from Cedar Cove, for $14.75 million, or $60,450 per unit.
“These two sales hit a new level for the property class in the Temple Terrace submarket,” Kattan said. “We continue to see the desire from investors to own apartments, and the lack of supply is causing the buyers to become even more competitive, which is driving values.”
Cedar Cove is an apartment community located at 8741 Grove Terrace. The new owner plans to renovate unit interiors as well as upgrade the site and common areas.
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, Management, and Valuation—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.