TAMPA, FL—Twice the purchase price. That's the story behind thesale of Lexington Court, a once-distressedmultifamily project in Tampa, FL. The $1.3 millionsale price equals $30,952 per unit, or $52.01 per squarefoot—that's double the purchase price.

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Kevin Kelleher, Darron Kattan,Robert Goldfinger, and Zach Ames,all of Franklin Street, represented the sellerAvesta Communities, a Tampa multifamily investmentand management firm. The all-cash buyer is a private internationalinvestor from South America.

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“Avesta Communities acquired the property for $600,000 back inApril of 2012,” Kelleher tells GlobeSt.com. “Throughout the lastfew years, they have significantly renovated the property andstabilized its operations. Through these efforts, they were able tosell the property for more than twice their purchase price andrealized a significant return on investment.”

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Avesta put money into the distressedmultifamily asset before putting it back on the market.Multifamily renovations included new landscaping,exterior painting, roof and gutter repairs, and interior upgradesincluding new appliances and equipment.

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“We continue to see sellers of previously-distressed propertiestaking profits in the robust market we are in,” Kelleher says.“Equity from around the world is entering the Florida real estatemarket. Foreign investors view Florida as a safeharbor when compared to their country of origin which isexperiencing higher levels of economic uncertainty.”

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Located at 11738 North 14 Street, Lexington Court is in NorthTampa's University of South Florida (USF) submarket of North Tampa.The multifamily property sits near VeteransMemorial Hospital, Busch Gardens, and University Mall and spans 21concrete block duplexes situated on 2.46 acres of land.

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“The Northeast submarket near USF has seen significantstabilization over the last 24 months,” Kelleher says. “Twelvemonths ago, there were still dozens of foreclosures and now we havea handful left.”

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