MIAMI—In a deal where investors saw nothing but upside, Woodlake Gardens, a 188-unit multifamily community, sold for $7.2 million. The sales price represents $38,298 per unit and $33.44 per square foot.
Darron Kattan, Kevin Kelleher, Robert Goldfinger, and Zach Ames all of Franklin Street, represented both the buyer, a local investor. The seller owned the property for more than 30 years and the seller. An out-of-state investor bought the multifamily asset.
“The property had almost zero cash flow the way it was being operated,” Kattan said. “The buyer understood the mismanagement, how they would turn it around, and was comfortable with the pricing they paid.”
The new owner plans to turn around operations quickly. The plan is to implement higher quality professional management and fixing the physical condition of the property through a variety of improvements, primarily and foremost, on the curb appeal.
“Sales like Woodlake show the continued appetite by buyers,” Kattan said. “The desire for multifamily properties is for a variety of macro-economic reasons. Money is flooding into the sector, making it a safe arena with strong growth and future prospects. The interest rates and availability of attractive debt are certainly amplifying the buyer demand and value escalation.”
Built in 1975, Woodlake Gardens includes a mix of one, two, and three-bedroom apartments. The multifamily asset it located at 1475 Woodlake Drive in Lakeland, Fla.
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