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.

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.

“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.”