TAMPA-In a deal that was part of a 1031 exchange, the Villas at Legends Field Apartments has traded for $3.35 million. The sale represents $42,949 per unit and $73.02 per square foot.
Franklin Street managing directors Darron Kattan and Bob Goldfinger, along with director Kevin Kelleher, represented the seller, a South Florida-based private apartment owner who also managed the asset. The seller has a significant presence in the Tampa market. Franklin Street also represented the buyer, a private investor from California.
“After a few years of not doing, or really even seeing anyone do a transaction involving a 1031, it is starting to come back to our everyday lives as active brokers,” Kattan tells GlobeSt.com. “This buyer sold a property in California and bought three apartment communities in the Tampa Bay market, all with the proceeds from his first sale, and leveraged up all three acquisitions.”
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