St. Petersburg, Fla. (June 19, 2019) – Franklin Street has arranged the sale of 45% of the units at Enclave at Sabal Point, a garden-style condominium community located at 2148 54th Ave S in St. Petersburg, Fla., for $7.3 million, or $66,972 per unit. Darron Kattan, Zachary Ames, Kevin Kelleher, and Avery Jordan of Franklin Street’s Tampa office represented both the seller, Israeli/Miami-based SLRE Florida Holdings, LLC, and the New York City-based buyer Axonic Properties. Enclave at Sabal Point consists of 109 rental units out of a 240-unit complex.
“This fractured condo deal gave investors the opportunity to buy a value-add property in a well-located area of St. Petersburg,” said Kattan, managing director at Franklin Street. “Significant renovations are planned for the asset, both interior and exterior.”
“Enclave at Sable Point offered an opportunity to buy 109 condos at a discount to multifamily pricing in a market we believe is rapidly growing,” said Jonathan Shechtman, Managing Principal at Axonic Capital.
Built in 1973, Enclave at Sabal Point consists of 13 garden-style buildings with one-, two- and three-bedroom models. The property offers convenient access to major roadways (I-275 and US-19).
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street 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 – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.