Trending Multifamily News
Franklin Street has arranged the $12 million sale of River’s Edge Apartments, a 228-unit rental community located at 7001 Tara Boulevard in the Jonesboro submarket of Atlanta.
and of Franklin Street’s Atlanta multifamily investment sales team represented Missouri-based RBG Properties, LLC, a private equity investment group, in the transaction. Tusk Equity Partners, LLC, a local operator led by Moshie Horn, acquired the property for $52,632 per unit.
“Multifamily investors are looking to markets like Jonesboro that have recently witnessed some of the highest rent growth in the metro Atlanta market,” said Reid, senior director at Franklin Street. “The purchase price is in line with a trend of rising sales prices for Class C apartments in Clayton County.”
Jonesboro is strategically located near Hartsfield-Jackson International Airport with easy access to the city’s crucial transportation artery, Interstate 75. Built in 1970, River’s Edge is positioned within 15 minutes of over 400,000 jobs mostly driven by Hartsfield Jackson Airport and the South Atlanta International Industrial Corridor, the sixth largest in the nation. The metro Atlanta area is also home to a booming entertainment industry, which ranks as a top three film hub along with New York and Los Angeles.
Franklin Street has arranged the sale of Laurana Apartments, a 10-unit boutique multifamily community located at 101 NW 7th Avenue in Pompano Beach, Fla. Laurana Apartments sold for $800,000 or $80,000 per unit, which represented 98 percent of the list price.
of Franklin Street’s South Florida multifamily investment sales team represented the buyer and seller, both local private investors. Franklin Street’s and will insure the asset for the new owner.
“Within the first two weeks of marketing we had several tours and multiple written offers,” said Dratch, senior associate at Franklin Street. “Our team worked with the buyer to have a compressed inspection timeline and close the building in less than 60 days at 98 percent of list price.”
Laurana Apartments is located in the heart of Pompano Beach’s innovation district. The city has identified this area to undergo significant redevelopment through public/private partnerships and incentive programs they will offer to owners and developers. Investors were attracted to this multifamily asset because of the strong in-place cash flow from day one, along with the long-term value growth of the future surrounding development.
“There is no shortage of capital being put to work in these areas that will benefit from long-term redevelopment,” said Matus, senior vice president with Franklin Street. “Ultimately, that will always help us navigate these sales so quickly and effectively for both parties.”
TAMPA, FL (December 20, 2018) — Franklin Street has completed the sale of The Avenue Apartments in the Temple Terrace submarket of Tampa, for $23.3 million. The 216-unit multifamily property is located at 9101 Avenue Clue Drive in Hillsborough County. The Avenue Apartments, LLC, a partnership led by a private local investor with Canadian equity partners, acquired the property from locally-based Bayside Ventures V, LLC., , and of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street’s provided insurance services for the asset.
“The Central Florida marketplace remains strong as the lack of construction of entry-level housing (both for rent and for sale) continues to push occupancies in rents in the workforce housing segment,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office. “We see this trend continuing for the long term, as construction costs appear to be fundamentally shifted away from making entry-level housing a profitable construction business. Assuming that is the case, landlords will have leverage to keep rents moving up and occupancies high while residents will have to absorb the higher costs of living due to lack of alternative choices.”
Built in 1984, The Avenue is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Amenities include a swimming pool, fitness center, laundry facility and resident clubhouse.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region.
FORT LAUDERDALE (December 5, 2018) – Franklin Street has brokered the $1.7 million sale of Victoria Park Villas, a 15-unit boutique multifamily community located at 1020 N Victoria Park Road in the upscale Victoria Park submarket of downtown Fort Lauderdale. The sale represents the third multifamily property sold by Franklin Street this year within the submarket.
and of Franklin Street’s South Florida multifamily investment sales team represented the seller, South Florida-based 1020 LR, LLC, in the marketing of the property. The buyer, B2G Capital, LLC, is a South American-based investor who plans to completely reposition the asset and operate as a boutique hotel. Victoria Park Villas sold for $113,333 per unit and over $226 per square foot.
“Franklin Street’s marketing campaign generated several competitive offers,” said Dratch, senior associate at Franklin Street. “Our investment sales team’s marketing capabilities were able to secure an all cash deal with a foreign investor who saw the property’s value in one of Fort Lauderdale’s most sought-after neighborhoods. The sellers were pleased that the transaction closed in only 37 days after going under contract.”
“Fort Lauderdale continues to attract investors from all around the globe,” said Matus, senior vice president at Franklin Street. “The desire to live and vacation in South Florida is only getting stronger, which will continue to push the value of these types of assets.”
Built in 1968, Victoria Park Villas is conveniently located one block west of U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.
ATLANTA, GA – Franklin Street arranged the sale of Central Park Apartments, multifamily community located on 582-614 Roberts Drive in the city of Riverdale, approximately 10 miles south of Atlanta. The purchase price of $4.6 million, represents the highest cost per door recorded this year for an unrenovated 1970s-era multifamily property in the Riverdale submarket.
Franklin Street’s Atlanta multifamily investment sales team, which included Jake Reid and Roger Schoerner, represented the seller, a locally-based private investor. The buyer is a Texas-based private equity group with additional holdings in Georgia.
“This transaction reflects the recent additional investment in neighborhoods with a heavier density of workforce housing that are experiencing rent growth above the market average,” said Reid. “The buyer recognized the property’s value-add potential in one of the strongest rent growth markets in the metro Atlanta area. The sales price also sets a new benchmark for similar vintage assets in the Riverdale market.”
Built in 1972, Central Park Apartments is centrally located between I-285 and I-85 and offers a mix of townhome and garden-style 2-bedroom units. The property features large floor plans, walk-in closets, washer and dryer connections, as well as private balconies and patios.
Fort Lauderdale, FL (August 7, 2018) – Franklin Street arranged the sale of Waters Edge Apartments, a 16-unit rental community in the South Florida city of Wilton Manor. The property is located on 550 NE 20th Street in Fort Lauderdale’s Wilton Manors submarket. The purchase price of $2.5 million, or $156,250 per door, represents the highest cost per door recorded this year for a multifamily property in the Wilton Manors area.
Franklin Street’s South Florida multifamily investment sales team, which included Greg MatusDan Dratch and AJ Stanford, represented the seller, a locally based private investor. The sale price for Waters Edge is almost 20 percent higher than the 2018 market average.
“This purchase continues to prove that there is no shortage of interest for well-located, value-add multifamily opportunities in South Florida,” said Matus, senior vice president of investment sales at Franklin Street. “Through Franklin Street’s exclusive marketing campaign, we delivered 17 competitive offers for the sellers and were able to close the deal within 8 percent of the list price.”
“In order to produce such positive results for a seller, it is imperative to have significant activity on the listing,” said Dratch, senior associate. “Franklin Street’s multiple lines of business provides us with a broader reach of clients. Our team did an outstanding job of bringing buyers to the property, pushing the value of the asset, and providing the most amount of exposure for our client.”
Built in 1965, Waters Edge Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property featured balconies for the second story apartments and courtyards for the ground floor units, all with a waterfront view.