MIAMI—An $81.36 million multifamily portfolio in Florida has traded hands. With 2,199 apartment units across 14 multifamily communities in the portfolio, the sale price equates to $37,000 per unit.
Evan P. Kristol, senior vice president investments in Marcus & Millichap‘s Fort Lauderdale office, and IPA senior director Still Hunter III represented the buyer, Tzadik Management. Darron Kattan, Kevin Kelleher, Deme Mekras, and Elliot Shainberg, all of Franklin Street, represented the seller, Avesta Communities LLC.
“The seller purchased most of these properties as distressed opportunities after the last real estate crash,” says Kattan, managing director of Franklin Street’s Real Estate division. “They were able to clean up and stabilize the assets and capitalize on the recovery of the marketplace and the demand for multifamily properties in Central/West Florida.”
All of the multifamily properties were all constructed between 1966 and 1996. The average vintage is 1980. The Florida properties are spread across Tampa, Jacksonville, Winter Haven, Lakeland, Mount Dora, Eustis, Sarasota, and Orlando.
“This was an opportunity for the buyer to significantly grow his company while also obtaining a large-scale presence in a number of desirable rental markets across the state,” says Kristol. “The seller completed in excess of $15 million in renovations and upgrades prior to the sale. The new owner intends to complete the renovation program and be in a position to take advantage of rising rental rates and the strong demand for quality assets in growing markets.”