Franklin Street Brokers Sale of $7.2M Tampa Bay Multifamily Portfolio

TAMPA, Fla., October 17, 2019 – Franklin Street has brokered the sale of a four-property multifamily portfolio in the St. Petersburg/Clearwater submarket of Tampa, Fla. The properties were collectively sold on behalf of an estate that was liquidating assets. The sale included the following apartment communities: Gateway Place, Delmar Terrace, Tropic Aire and Lakeview/Westbridge. The total portfolio sold for $7.193 million, or $80,820 per unit.

The properties were purchased from the estate as four separate transactions involving two New York-based buyers and one local buyer. Avery Jordan, Zachary Ames, Mark Savarese, Darron Kattan and Kevin Kelleher of Franklin Street Real Estate Services in Tampa represented all three private buyers in the transactions. Franklin Street Insurance Services insured three of the four assets involved.

Real estate in the portfolio includes assets at Gateway Place, 528 88th Avenue N in St. Petersburg (40 units), Delmar Terrace, 433 Delmar Terrace S in St. Petersburg (10 units), Tropic Aire at 135 8th Avenue NE in St. Petersburg (15 units), and Lakeview/Westbridge at 620, 622, 700 S Betty Lane in Clearwater (24 units).

“This transaction indicates that there are still true value-add investment opportunities available in the Tampa Bay market,” said Jordan, senior associate in Franklin Street’s Tampa office. “We continue to see strong interest from New York investors who are targeting Florida multifamily properties.”