Thursday, June 28, 2012

Sperry Van Ness Florida Sells Distressed Clearwater, FL Apartment Complex

CLEARWATER, FL, June 28, 2012 -- Brookside Gardens, a 44 unit apartment complex in Clearwater sold for $975,000 equaling $22,159 per unit. Enon S. Winkler, (top right photo) CCIM ,Senior Investment Advisor, Jad Richa (middle left photo), Investment Advisor and Nicholas Ledvora (lower right photo) CCIM, Senior Investment Advisor of Sperry Van Ness Florida handled the transaction on behalf of the seller, a national bank. 

The offering represented a value-add opportunity in a strong infill location in Pinellas County, Florida’s most densely populated county.

“We received significant interest and multiple offers, despite its distressed state, which allowed us to maximize the asset’s value for the seller.”  Stated Winkler.  “We were able to secure a full price offer, with a short due diligence time frame and a fast closing.”  The buyer, a private investor, will immediately begin rehabbing the property in an effort for a quick stabilization.

 “We continue to see strong investor demand in B/C assets in the Tampa Bay MSA, due to continued rental growth and rising occupancy rates.” Said Richa “While cap rates continue to compress, this class of asset still represents a strong investment vehicle for private investors and their equity partners.” 

The Winter Park Office of Sperry Van Ness is one of the Southeast’s premier real estate services groups.

 With over $1.5 billion in recent sales transactions, the Winter Park office of SVN is modeled as a boutique real estate services firm headquartered in Orlando. SVN Winter Park Office leverages the SVN National Platform and services the entire Southeast Region with an ardent focus on the Central Florida Market.

 Our SVN office has extensive brokerage experience concentrating on representing sellers of multifamily, retail, office and mobile home communities. 

For more information, please contact::

 Enon Winkler
 (407) 434-0363

Nicholas E. Ledvora, CCIM
Senior Investment Advisor
Sperry Van Ness Florida Commercial Real Estate Advisors
703 Executive Drive | Winter Park, Florida 32789
Phone 407.434.0363 | Cell 407.460.5522 |

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