TAMPA, FL—Financing is playing a key role inmultifamily transactions as the market becomesincreasingly competitive. One recent example is the sale of TampaPines, an apartment community in Tampa, FL. Theseller purchased the highly distressed multifamilyasset at the beginning of 2013.
Franklin Street brokered the sale of Tampapines for $1.056 million. The sale price represents $33,000 perunit, or $44.75 per square foot. Franklin Street's ZachAmes, Kevin Kelleher, DarronKattan, and Robert Goldfinger representedthe seller, a local investor. The buyer is also a local investorwith European equity.
“The sale of Tampa Pines is a very good representation of thecurrent trend in today's market,” Ames tells GlobeSt.com. “Sellerswho purchased distressed assets during thedownturn are now selling and realizing significant profits.”
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