Franklin Street Closes Sale of 111-Unit Florida Asset

Cornerstone Pointe Apartments traded for $10.6 million. Milbrook Properties Ltd. purchased the community from Everett Realty Services. The community last traded in 2010 for $3.6 million.
The Cornerstone Pointe Apartments in Largo, Fla.

The Cornerstone Pointe Apartments in Largo, Fla.

Franklin Street negotiated the sale of Cornerstone Pointe Apartments in the Largo submarket of Tampa, Fla., for $10.6 million. According to Yardi Matrix data, Everett Realty Services is the former owner of the property. New York-based Milbrook Properties Ltd. acquired the 111-unit multifamily asset. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in this transaction. 

Located at 301 Seacrest Drive in Pinellas County, the community is less than five miles from the St. Pete–Clearwater Airport and offers easy access to Clearwater Beach and Interstate 275. The property consists of 36 one- and 75 two-bedroom units. Amenities include a basketball court, playground, swimming pool and 250 parking spaces. The 10-building community last traded for $3.2 million back in 2010. Occupancy has been on a downward trajectory, dropping from 98.2 percent in October 2016 to 91 percent in April 2017. To improve occupancy, the new owner plans to renovate all unit interiors and exteriors.

“At the time of marketing, approximately 10 percent of the units had been fully upgraded and were achieving significantly higher rents. This positive trend proved to the buyers that the upside was both real and achievable,” said Franklin Street Managing Director Darron Kattan, in a prepared statement.

Roughly one month ago, Franklin Street Real Estate Services also represented both parties in the selling of Chowder Bay Apartments in Orlando, Fla. Dominium Management Services LLC acquired the property from Fieldstone Properties LLC for $21.8 million.

Image courtesy of Yardi Matrix