December 20, 2018 — Franklin Street has completed the sale of The Avenue Apartments in the Temple Terrace submarket of Tampa, for $23.3 million. The 216-unit multifamily property is located at 9101 Avenue Clue Drive in Hillsborough County. The Avenue Apartments, LLC, a partnership led by a private local investor with Canadian equity partners, acquired the property from locally-based Bayside Ventures V, LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.
“The Central Florida marketplace remains strong as the lack of construction of entry-level housing (both for rent and for sale) continues to push occupancies in rents in the workforce housing segment,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office. “We see this trend continuing for the long term, as construction costs appear to be fundamentally shifted away from making entry-level housing a profitable construction business. Assuming that is the case, landlords will have leverage to keep rents moving up and occupancies high while residents will have to absorb the higher costs of living due to lack of alternative choices.”
Built in 1984, The Avenue is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Amenities include a swimming pool, fitness center, laundry facility and resident clubhouse.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region.