TAMPA, FL—J&K Apartments just traded for $300,000—and it may be one of the last distressed multifamily deals of its kind to trade in the Tampa Bay area. The sale price equals $13,636 per unit and $17.25 per square foot.

Kevin Kelleher, Darron Kattan, and Robert Goldfinger, all of Franklin Street, represented both parties in the transaction. The property was an REO sale. A national bank foreclosed on the property and sold it to a private local investor.

In 2012, Franklin Street closed 22 multifamily transactions. Seventy percent of those were lender distressed or REO properties. Kelleher tells GlobeSt.com he expects continued stabilization of multifamily properties in the Tampa Bay marketplace.