October 8, 2019 – Franklin Street has closed the sale of Eden Pointe Apartments, a 270-unit affordable housing community located at 955 53rd Street East in the Bradenton submarket of Tampa, Fla., for $30.75 million, or $113,888 per unit. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan with Franklin Street’s Tampa multifamily investment sales team represented the seller, San Francisco-based Eden Pointe, LLC, and the Springfield, Mass.-based buyer, Deancurt Bradenton II, LLC, both private investment groups, in the transaction. The property has an existing Land Use Restriction Agreement (LURA) that will expire in December 2025.
“Eden Pointe is a rent/income restricted community, which made this a highly competitive transaction,” said Kattan, managing director for Franklin Street. “Demand remains strong for all multifamily asset classes, but investors have become increasingly interested in affordable housing deals most recently. We ended up with a bidding competition with buyers ranging from institutions all the way down to private family companies. The buyer chosen did a quick closing with a significant non-refundable deposit and was selected despite not having the top price of the final bids.”
Built in 1995, Eden Pointe features a mix of one, two and three-bedroom units and was 100 percent occupied at the time of sale. Bradenton is located approximately 46 miles northeast of Tampa.