Franklin Street has negotiated the sale of Hampton Villas I and II in the Mount Dora submarket of Orlando, for $2.86 million. The 65-unit multifamily property is located at 1515 Lincoln Ave in Lake County. City Walk Residential Villas, LLC, a partnership led by a private local investor, acquired the property from locally-based Hampton Villas, Ltd. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

 “The Central Florida area features some of the strongest fundamentals in the Florida apartment market,” said Kelleher, senior director of multifamily investment sales at Franklin Street’s Tampa office. “The demand for B and C Class apartment properties also continues to outpace supply.  The investors were drawn by Mount Dora’s long-term occupancy rates, active and outdoor lifestyle, and small-town feel that makes it an attractive place for families and visitors alike.”

Built in 1981, Hampton Villas is conveniently located close to the popular downtown Mount Dora arts district. The property offers a mix of one-, two- and three-bedroom units. Amenities include hi-speed Internet access, alarm systems and a laundry facility.

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.

ATLANTA - Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district.  Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites. In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.  

“The strong level of interest we received in the building reflects the robust desire Investors have for multifamily product along the Ponce corridor and near the Atlanta Beltline,” said Reid, senior director of multifamily investment sales for Franklin Street.  “The new owner recognizes the multitude of opportunities for an iconic property in one of Atlanta’s most desirable locations.” 

The Ponce Student Suites are located on Ponce De Leon Avenue adjacent to major economic catalysts including to the Atlanta Beltline and Ponce City Market.  The property is ideally positioned on a major thoroughfare between Midtown and Old Fourth Ward, two of Atlanta’s strongest residential markets.  

Ponce Student Suites is situated within a few miles of the campuses of over 80,000 college students including Georgia State University, Emory University, Atlanta University Center, and Georgia Institute of Technology (Georgia Tech).  Along with being located along a public transit route, the property is within walking distance to top level shopping, restaurants and over one million square feet of existing and planned Class A office space.  

ATLANTA (February 22, 2019)— Franklin Street, the southeast’s fastest growing, full-service commercial real estate firm, today announced that Chad DeFoor has joined the firm as senior director of multifamily investment sales in the Atlanta office.  Mr. DeFoor will specialize in the listing and sale of multifamily properties for private and regional investors. He has sold over 31,000 apartment units, with a value of more than $1.9 billion since 2011.

Prior to joining Franklin Street, Mr. DeFoor served as a managing director for Newmark Knight Frank’s Atlanta operation. He has over 17 years of experience in multifamily asset management, acquisitions, dispositions and brokerage in Georgia and throughout the southeast.

“Chad brings a vast amount of experience and industry knowledge to our investment sales team,” said his partner, Jake Reid, senior director of multifamily investment sales for Franklin Street. “Having him on board will allow us to provide added value to our clients. He has a tremendous reputation in the market and we are excited to have him on our team.”

“Chad is a genuine rock star in our field and we are confident that he will add significant knowledge and expertise to our existing investment sales capabilities,” said Greg Matus, Franklin Street’s senior vice president of investment sales. “We want to continue expanding our outstanding retail and multifamily platforms in Atlanta. We will be looking to recruit the best professionals in each of these specialties as Franklin Street continues this exciting new phase of growth for our company.” 

Mr. DeFoor is a member of the Atlanta Chapter of the Certified Commercial Investment Member Institute (CCIM) and the Georgia Chapter of the Institute of Real Estate Management (IREM), where he has obtained the CCIM and CPM designations. He is also active with the Atlanta Commercial Board of Realtors and the National Association of Realtors and is a licensed broker in the state of Georgia.

Mr. DeFoor received his Bachelor of Business Administration degree from the University of Georgia (UGA), where he double majored in real estate and marketing. He was a member of UGA’s track and field team and ran both the 400m dash and the 4x400m relay.

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.

Jake Reid and Roger Schoerner 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.

Dan Dratch, AJ Stanford and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented  the buyer and seller, both local private investors.  Franklin Street’s Patrick Miller and Evan Seacat 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. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street’s Lonnie Kitchen 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.