TAMPA, FL—Arbors at Belleair, a vintage 1960smultifamily property, has traded for $6.6 millionin Clearwater. The sale price represents $55,000 per multifamilyunit and $63.46 per square foot. Replacement cost for concreteblock constructed multifamily product with land in the middle ofPinellas county is close to double the sale price.

Darron Kattan, Bob Goldfinger,and Kevin Kelleher, all of FranklinStreet, represented both parties in the transaction. Theseller and the buyer are private local investors.

“A lot of the institutional investors are actually starting todrop even 1980s vintage properties off their radar screen,” Kattansays. “That is going to open the door for the private client marketto buy nicer properties than they could in the past as they won’thave to compete with the institutional money and low returnrequirements.”