Franklin Street Announces Latest Sale of Bank Owned Apartment Community

Tampa, Florida, December 8, 2009: Franklin Street Real Estate Services is pleased to announce the sale of Omni Apartments (top left photo)  in Tampa, Fla., for $595,000. The sales price represents $12,660 per unit and $15.74 per square foot.

Franklin Street Partners Darron Kattan, Bob Goldfinger and Kevin Kelleher represented the buyer and seller. The buyer was Tropic Property Management Inc. The property was REO and was sold by the servicing company handling the asset for the bondholders.

“The property was 100% vacant at the time of sale, and every unit needed some level of work,” said Kattan. “The buyer was a local owner with the ability to fix up and manage a rental property like Omni in a lower income area. The previous owner was out of area, had a vision of a low income condo conversion and did not appear to have any ability to execute on that business plan.”

Built in 1983, Omni Apartments is located at 1008 E. 109th Ave. Tampa, FL. The property was constructed of wood frame and concrete block and offers 32,994 rentable square feet. The apartment community consists of 47 two and three-bedroom units that are 702 square feet.

Franklin Street Real Estate Services is a Franklin Street Financial Partners company providing a complete scope of commercial real estate services to an extensive array of clientele.

 For more information, please visit our website at FranklinStreetFinancial.com or contact our office at (813) 839-7300. Franklin Street Financial Partners – Financial Strength From Partners you can trust.

Contact:

Mandy Force, Franklin Street Real Estate Services, 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609 Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/