Florida Multifamily Portfolio Sells for Over $81 Million

Jacksonville Heights, Jacksonville, FL

FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI) and Franklin Street, both commercial real estate companies, announced the sale of a portfolio of 2,199 multifamily units located in 14 apartment communities throughout Florida.

The $81,363,000 sales price equates to $37,000 per unit.

            Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and IPA (Institutional Property Advisors) senior director Still Hunter III represented the buyer, Tzadik Management.

Darron Kattan, Kevin Kelleher, Deme Mekras, and Elliot Shainberg, all of Franklin Street, represented the seller, Avesta Communities LLC.

Evan P. Kristol

“The seller purchased most of these properties as distressed opportunities after the last real estate crash,” says Kattan, managing director of Franklin Street’s Real Estate division.

“They were able to clean up and stabilize the assets and capitalize on the recovery of the marketplace and the demand for multifamily properties in Central/West Florida.” 

Founded in 2007 by Adam Hendry, Tzadik Management acquires, develops, renovates and stabilizes multifamily assets throughout Florida. Avesta Communities is a multifamily investment and management firm based in Tampa. IPA is a division of Marcus & Millichap.

“This was an opportunity for the buyer to significantly grow his company while also obtaining a large-scale presence in a number of desirable rental markets across the state,” says Kristol.

“The seller completed in excess of $15,000,000 in renovations and upgrades prior to the sale. The new owner intends to complete the renovation program and be in a position to take advantage of rising rental rates and the strong demand for quality assets in growing markets.”

Still Hunter III

All of the properties were all constructed between 1966 and 1996. The average vintage is 1980.

 The properties are:

·         Bella Mars, 264 units, 100,260 square feet, Tampa

·         Brandywyne, 82 units, 23,893 square feet, Winter Haven    

·         Country Place, 18 units, 12,539 square feet, Winter Haven

·         Del Rio, 160 units, 138,562 square feet, Tampa        

·         Jacksonville Heights, 173 units, 181,366 square feet, Jacksonville               

·         Kings Trail, 320 units, 360,396 square feet, Jacksonville      

·         Lago Bello, 120 units, 82,940 square feet, Tampa    

·         Lakeland Manor, 373 units, 175,230 square feet, Lakeland 

·         Landings, 60 units, 38,592 square feet, Winter Haven                      Mount Dora, 132 units, 40,032 square feet, Mount Dora     

·         Rolling Hills, 240 units, 286,007 square feet, Orlando         

·         Tanglewood, 138 units, 46,080 square feet, Eustis               

                                                           ·         North Washington, 119 units, 44,256 square feet, Sarasota  

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Franklin Street Contact:

Kelsy Pazur

 Director of PR and Marketing

(813) 434-4851