TAMPA, FL-Baywater Apartments, a 176-unit property with 140,800 rentable square feet, has sold for $8.75 million. Located at 6910 W. Waters Ave., the class B 1985 property yielded $49,716 a door.
Franklin Street’s Managing Directors Darron Kattan and Bob Goldfinger, along with Director Kevin Kelleher, represented the seller, Merecorp, Inc. The buyer was a private local owner looking to increase current holdings both in size and quality. The property was approximately 93% occupied at the time of sale.
“This is a typical deal,” Goldfinger tells GlobeSt.com. “Demand for b quality assets continues to be very strong. The seller repositioned the property in a little over one year and found a buyer to assume the loan that had an onerous prepayment penalty.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
