Franklin Street arranged the transaction on behalf of both parties.
“The seller did well with 18 months of ownership and the buyer is a long-term holder that believe there is a lot of future value to come,” Darron Kattan, Franklin Street’ managing director, told MHN. “Rents on a per foot level are low and the seller proved out a higher rent structure with a full renovation of 10 percent of the units.”
Franklin Street also brokered the sale the last time the community was on the market, arranging the $23.4 million sale of the property in 2017.
“The owner made a significant amount of capital improvements to River View and quickly resold the property at a much higher price,” Kattan said. “Investor demand remains strong for well-located multifamily assets in established submarkets such as Northeast Tampa and cap rates continue to move down.”
Originally built between 1971 and 1972, the River View Apartments features 30 two-story apartment buildings with a single-story clubhouse containing a fitness center. Amenities at the property include a pool, gym, picnic areas, dog park, resident clubhouse, private patios and river views.
A Leader in the Submarket
The complex is located at 5659 Del Prado Dr., in Northeast Tampa and offers excellent visibility on the highly trafficked 56th St., and is an easy commute to downtown Tampa, Busch Gardens, University of South Florida, Hard Rock Hotel, NetPark and many other job centers in Northeast Tampa.
“River View is the premiere apartment property in the submarket its located in,” Kattan said. “It has large units, the best site plan, river views from many units, and the best amenities and layouts of any of the competition.”
Joining Kattan on the deal were Kevin Kelleher, Zachary Ames and Robert Goldfinger. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.
In June, Franklin Street arranged the disposal of Royal Palms Apartments, a 27-unit community in Miami’s Homestead submarket for $1.7 million. A month earlier, 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.