TAMPA-Gibson Court Apartments sold for a mere $255,000, the latest in a series of trades in an area where private capital is funding revitalization and offering a value-add to investors. New residential developments in the area include class A and B townhomes, which has raised the standard of living.

Kevin Kelleher, Bob Goldfinger, and Darron Kattan, all of Franklin Street, represented the seller in the transaction. The seller was an undisclosed financial institution who sold the foreclosed REO property to a local private investor. The sales price represents $21,250 per unit and $32.95 per square foot.

“Gibson Court was a pure value added opportunity of a bank REO,” Kelleher says. “The property received a tremendous amount of attention from the investment community as it was a C class property in a B location. Today the market is starved for B or better located apartments with a distressed lender situation. This demand allowed the sale to go through despite a significant amount of operational and condition challenges.”

Gibson Court was part of a five property multi-family portfolio. However, Franklin Street brokers explain that the asset is located so far away from the other four assets that the seller pulled it from the portfolio.

“We presented all offers and were able to attain a qualified, experienced buyer in REO rehabs,” says Kelleher. The transaction closed only 15 days after Franklin Street signed the purchase contract.

Built in 1973, Gibson Court Apartments is located at 5901 Gibson Avenue. There six buildings in the complex are made of concrete block with brick exterior that sit on 0.85 acres of land. There are 12 one-bedroom, one-bathroom units. The units have an average rent of $500 and measure 645 square feet.