TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of Shadow Pines Apartments in Tampa, Fla., for $1,200,000. The sales price represents $25,000 per unit and $25.13 per square foot.
Franklin Street Partners Darron Kattan, Bob Goldfinger and Kevin Kelleher represented the buyer and seller. The buyer was Cedar Mountain Investments, LLC and the seller was Allied Group, Inc.
“This sale represents a story that is becoming more common in today’s market place. Hands on buyers who sold during the run-up are reappearing from the sidelines. They believe pricing has reached a level which will allow them to operate profitably despite current economic conditions” Said Kelleher.
“The buyer, Cedar Mountain Investment, acquired this asset as its first with a goal to build a portfolio in the area. They plan to continue to take advantage of today’s discounted values and ride the cycle up. The seller, Allied Group, was very active in the Tampa Multi-family market for the last decade. This was their last remaining apartment property and they were motivated Sellers looking to wind down their investments in multifamily.
Allied was willing to sell this property at a significant discount as compared to the sales they achieved on many other assets over the past four years as it fit well with their overall business plan. “
Built in 1984, Shadow Pines Apartments is located at 12201 N. 15th Street, Tampa, FL. The property was constructed of wood frame and concrete block and offers 47,760 rentable square feet. The apartment community consists of 48 two bedroom units that are 995 square feet.
Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/
No comments:
Post a Comment