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Bank-Owned Stuart MFs Sell for $3M

STUART, FL-Franklin Street Managing Director Darron Kattan tells GlobeSt.com that this sale is an example of multifamily demand trickling down to tertiary markets.

By Jennifer LeClaire | Updated on November 20, 2010

STUART, FL-Harbour Breeze Apartments, a 104-unit, 80,978-square-foot property built in 1973, sold for $2.8 million. Located at 1202 SE Palm Beach Board, the bank-owned property yielded $34.57 per square foot.            Franklin Street’s managing director Darron Kattan, managing director Bob Goldfinger and director Kevin Kelleher represented both parties in the transaction. The seller, PBE Companies, LLC, owned the foreclosed real estate owned-property for more than a year and worked to stabilize the asset before marketing and sales efforts. The buyer, Stuart Breezes, LLC, is a private South Florida group.

“At 85% occupancy, we saw a lot of interest from buyers,” Kattan tells GlobeSt.com. “We sold the property for the contract price. The buyer got  financing at about 4.75% on a cap rate of about 7.75%. This sale is an example of greater velocity we’re seeing in multifamily, even in tertiary markets. When properties are priced right, it’s a seller’s market.

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