TAMPA, FL—Tampa Pines, a multifamily community in Tampa, FL has traded hands. The sale price of $540,000 represents $16,875 per unit and $22.73 per square foot.

The seller, a national bank, foreclosed on the property in 2012. The buyer is a private investor out of Tampa. Franklin Street's Zach Ames, Kevin Kelleher, Darron Kattan, and Robert Goldfinger represented both parties for the REO transaction.

“Tampa Pines is a prime example of the demand for distressed assets,” says Ames. “We received more than 20 offers, 10 of which were at or above asking price. As the bank-owned inventory continues to dwindle, investor demand continues to be strong for distressed assets, which is driving pricing. Investors continue to search for value-added opportunities which are becoming scarce in today's market.”