Franklin Street Facilitates $2M Miami Sale
Oscar Banegas, Kameron Djamal and Dan Dratch represented the seller in this transaction. Director of Capital Advisors Tony Gannacone secured financing for Sabal Capital Royal Palms Apartments.
Royal Palms Apartments
Franklin Street has arranged the disposal of Royal Palms Apartments, a 27-unit community in Miami’s Homestead submarket for $1.7 million, or $62,963 per unit. Investment associates Oscar Banegas, Kameron Djamal and Dan Dratch, represented the seller, Amor Prudential, in this transaction.
Director of Capital Advisors Tony Gannacone secured financing through a partnership with Sabal Capital, while Evan Seacat and Ryan Cassidy provided insurance for the asset. At the time of the negotiations, the building was fully leased.
Located at 160-183 NW 9th St., the property features a mix of one-, two and three-bedroom units. Spreading across almost two acres, Royal Palms Apartments includes onsite parking and laundry facilities.
“We closed the transaction in a compressed timeframe. The investors were attracted by the community’s long-term occupancy rates, unique identity and small-town feel that makes it an appealing place for families to work and live,” said Banegas, in prepared remarks.
Last month, Franklin Street arranged a 10-year Freddie Mac acquisition loan for the acquisition of the 156-unit Villages at Laurel Meadows in Bartow, Fla. The company represented the buyer.
Image via Google Street View
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