WASHINGTON, D.C. – July 24, 2015 – (RealEstateRama) — Franklin Street announces the sale of Wildwood Villa Apartments located at 600 Wildwood Way in Clearwater, Florida for $810,000. This sales price represents $45,000 per unit.
Zachary Ames, Darron Kattan, Kevin Kelleher, and Robert Goldfinger of Franklin Street, represented both the seller, a private partnership based out of Tampa Bay and the buyer, a Canadian-based investor, during the transaction.
“The buyer was in the process of migrating capital from Canada to Florida and they selected the Tampa Bay area after determining pricing in the South Florida market was too elevated,” Ames said. “Wildwood offered a solid value-add opportunity and had continuous strong interest for apartments in today’s market which allowed for a closing within contract timeframes and 2 percent of the listing price.”
Ames’ team continues to see a strong influx of foreign investors eyeing Florida multifamily viewing the U.S. as a safe haven for their capital. “Many of these buyers are coming up from Southeast Florida searching for higher yields which the Central Florida market can deliver,” Ames said.
Wildwood is an 18-unit garden-style apartment building located within 1.5 miles of downtown Clearwater and only three miles away from the Gulf Coast beaches. Constructed in 1972 of concrete-block construction and situated in a coveted area with a high barrier to entry, the property is comprised of one-and two-bedroom units. All units have recently been renovated with new appliances, cabinets, windows, granite countertops, and renovated bathrooms.
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.