TAMPA, FL-A quartet of distressed multifamily communities has traded for a meager $1.4 million. The sales price equals $13,207 per door—or $22.51 per square foot.
Franklin Street’s Kevin Kelleher, Bob Goldfinger and Darron Kattan represented both the buyer and the seller in the REO transaction. The seller was an unnamed lender that foreclosed on the property in June 2011. The buyer is a Tampa-area private investment group.
“For C class product in Tampa, this was fair market value,” Kelleher tells GlobeSt.com. “The replacement costs on the properties would have been $65 to $70 a foot. This portfolio of smaller multifamily properties was highly distressed at the time of sale.”
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