Tertiary Multifamily Market Sees Interest
By Jennifer LeClaire via Globe st
TAMPA, FL—Multifamily may be the darling of the commercial real estate industry in Florida, but that doesn’t mean every apartment asset gets snapped up in a hurry. That was the case with Park at Barrington, which traded after sitting on the market for over a year.
Park at Barrington ultimately sold for $12.3 million, which represent $50,410 per unit. Franklin Street’s Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zach Ames represented the seller, a local investor. The buyer is also a local investor.
“Being on the market for over a year, an obstacle we had to overcome for the sale of Park at Barrington, was its location in a tertiary market,” Kattan tells Globest.com. “However, the quality of the construction and the overall condition of the property helped us overcome that challenge. Tertiary markets and MSAs are still seeing good activity. This shows the strength of the Tampa Bay area.”
Built in 1972, Park at Barrington has 244 multifamily units. At 4348 Plaza Drive in Pasco County, the multifamily property is just North of Pinellas with ingress and egress directly onto US 19. The majority of the apartment units have private patios or balconies, and three and four-story units are available.
The multifamily property was all concrete block construction with stucco exterior walls and concrete floors. All multifamily units underwent major renovation—including a new clubhouse, designer-tiled floors, walk-in closets, upgraded counter tops, chair rails, fans, and European light fixtures— in 2006 and 2007.
“The Florida multifamily market remains the hottest product out there for buyers and they are hungry for deals,” says Kattan. “New lenders are showing up every day giving buyers and developers more access to cash.”
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