WASHINGTON, D.C. – July 22, 2015 – (RealEstateRama) — Franklin Street announces the sale of Arbor Alley Apartments in Tampa for $5,600,000. This sales price represents $70,000 per unit.
Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private partnership based out of Tampa, and the buyer, South Tampa Apartments, LLC, an institutional real estate firm based out of Michigan, in the transaction.
Owner-managed since 1999, the property offered the buyer a value-add opportunity. Continued strong interest for apartments allowed for a smooth all-cash closing within 2 percent of list price. As there was significant interest in Arbor Alley, the buyer delivered a short due diligence time frame, a significant deposit and a quick closing to secure the transaction.
“Larger apartment communities over 100 units are extremely desirable in today’s market,” said Robert Goldfinger, managing director of Franklin Street Real Estate Services. “Tampa Bay’s occupancy rates are very low and this provides opportunities for rent growth. Additionally, there is great demand and only so many properties available for purchase, which is causing supply constraints and a resurgence of historically low cap rates that disappeared after the 2008 recession. These factors are filtering down to smaller communities under 100 units.”
Arbor Alley is an 80-unit garden-style apartment community located in a rapidly improving area of South Tampa known as South of Gandy. Constructed in 1984 of concrete block construction and situated in a coveted area with a high barrier to entry, the property is comprised of two bedroom/one bath units with washer and dryer hookups. The property’s advantageous location provides excellent access to MacDill Air Force Base, Downtown Tampa, Pinellas County and the Westshore Business District.
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, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.