Franklin Street’s Tampa multifamily brokerage team has already recorded the most successful year in its 10-year history by closing over $248 million in deals through third quarter 2017. By comparison, the team arranged $167.5 million in apartment sales for all of 2016.
Franklin Street arranged $54.455 million in apartment sales in Florida during the third quarter of 2017. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa brokered six transactions with a total of 695 units.
“We continue to see demand for well-located apartment communities exceed supply in Central Florida,” said Kelleher, Senior Director at Franklin Street. “In the near term, we don’t see this imbalance changing and it will continue to keep cap rates compressed for the foreseeable future.”
“The overall theme this year has been a supply/demand imbalance,” said Ames, Director at Franklin Street. “There continues to be shortage of supply of the market with significant capital still chasing and looking for yield. Even with interest rates increasing throughout the year, this trend is what has kept cap rates compressed and pricing at all-time highs. Debt remains fluid and fundamentals for B/C class multifamily remains strong, and we do not foresee that changing soon.”
Multifamily transactions arranged by the Franklin Street team in the third quarter of 2017 included:
• Waterleaf – Franklin Street represented a California-based seller and a South Florida-based buyer, both private syndicators, in the transaction of a 396-unit apartment community at 1942 SE Hillmoor Drive in Port Saint Lucie, Florida, for $26.75 million.
• The Courtyards of South Tampa – Franklin Street represented the buyer, a South Florida-based real estate investment group, and the seller, a local investment group, in the purchase of a 71-unit rental community at 3814 W. Euclid Avenue in Tampa for $8.05 million. Franklin Street Insurance Services provided insurance for the asset.
• Westwinds – Franklin Street represented the buyer and seller, both of which were out-of-state investment groups, in the sale a 68-unit apartment property at 5215 S. West Shore Boulevard in Tampa for $9.25 million.
• Timber Trace – Franklin Street represented the buyer, a foreign investor, and seller, a local private investor, in the sale of a 116-unit apartment property at 11716 N 58th Street in Tampa for $7.4 million. Franklin Street Insurance Services provided insurance for the asset.
• Holly Court I and II – Franklin Street represented the buyer, a private investor, and seller, a private investment group, in the sale of a 34-unit rental community at 2008 Holly Court in Tampa for $1.6 million.
• Horatio Apartments – Franklin Street represented the seller and buyer, both of which were out-of-state investment groups, in the sale of a 10-unit apartment community at 3001 W. Horatio Street in Tampa for $1.395 million.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region. The team has represented more than 6,000 multifamily units valued at nearly $400 million since 2015.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add 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. Learn more about Franklin Street at FranklinSt.com.