TAMPA,FL—In one of a dwindling number of REO multifamily property deals, Julian Apartments has traded for a mere $610,000. The sale equals $16,486 per unit and $22.26 per square foot.
Kevin Kelleher, Darron Kattan, Bob Goldfinger, and Zach Ames, all of Franklin Street, represented both parties in the REO transaction. The seller, a national bank, foreclosed on the property in June of 2012. The buyer was a private local investor.
“REOs are winding down and expect to see the last of them this year,” Kelleher tells GlobeSt.com. “They are a much smaller part of our business—the past three years REOs were about 80% of our business while towards the end of 2012 they accounted for only about 20%.”
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