Connect with us

Wire

Franklin Street Arranges $7.3 Million Bulk Condo Sale in St. Petersburg, Fla.

Avatar

Published

on

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).

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

By posting a comment, I have read, understand and agree to the Posting Guidelines.

The St. Pete Catalyst

The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine.  It is a modern news platform, powered by community sourced content and augmented with directed coverage.  Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table.

Email us: spark@stpetecatalyst.com

Subscribe for Free

Share with friend

Enter the details of the person you want to share this article with.