Canadian Buys Parkview Apartments in St. Petersburg, FL

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of another multifamily property. Parkview apartments are located 647-658 22nd Avenue S in South St. Petersburg, a quarter mile from the intersection of 22nd Ave S and 4th St S.

The property had been foreclosed on by the lender more than one year ago. The property had a variety of challenges, physically and operationally, and was 10% occupied at the time of sale.” The property is 20 units and was built in 1987.

Franklin Street Real Estate Services Kevin Kelleher, represented the seller, a FDIC controlled national lending institution. The buyer purchased the property with no due diligence and closed in 6 days.

“This lender was challenged by constantly deteriorating market in 2009, values were changing every 30 days and thus banks were unable to keep up to date values on their books.” said Kelleher

“What we have seen in the last two quarters of 2009 and the first quarter of 2010 is a stabilization in operations and values, in turn allowing transactions to take place as book values equate to current market values.

“ The buyer was a private investor based out of Canada, who closed a similar apartment complex 30 days prior in the same sub-market. The buyer plans on renovating the property and leasing it back up to market occupancy.

Contact: Tania Monte, Franklin Street Real Estate Services, Phone: 813.839.7300 ext. 32, Fax: 813.839.7330 Email: tmonte@@franklinstreetfinancial.com