Franklin Street Brokers Bank Sale of 10%-Occupied Property
- Mar 18, 2010
Tampa, Florida–Franklin Street Real Estate Services facilitated the sale of the 20-unit Parkview Apartments, which had been foreclosed on by the lender more than one year ago. The property had a variety of physical and operational challenges and was 10 percent occupied at the time of sale.
Franklin Street’s Kevin Kelleher represented the seller, a FDIC-controlled national lending institution. The buyer purchased the property with no due diligence and closed in 6 days.
“This lender was challenged by constantly deteriorating market in 2009. Values were changing every 30 days and thus banks were unable to keep up-to-date values on their books.” said Kelleher.
“What we have seen in the last two quarters of 2009 and the first quarter of 2010 is a stabilization in operations and values, in turn allowing transactions to take place as book values equate to current market values.”
The buyer was a private investor based out of Canada, who closed a similar apartment complex 30 days before in the same sub-market. The buyer plans on renovating the property and leasing it back up to market occupancy. The 1987 property is located 647-658 22nd Avenue S in South St. Petersburg, a quarter mile from the intersection of 22nd Ave S and 4th St S.