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Distressed Multifamily Owners Cashing In

TAMPA, FL—“Twelve months ago, there were still dozens of foreclosures and now we have a handful left,” Franklin Street's Kevin Kelleher tells GlobeSt.com's Jennifer LeClaire.

By Jennifer LeClaire | Updated on July 16, 2014

TAMPA, FL—Twice the purchase price. That’s the story behind the sale of Lexington Court, a once-distressed multifamily project in Tampa, FL. The $1.3 million sale price equals $30,952 per unit, or $52.01 per square foot—that’s double the purchase price.

Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames, all of Franklin Street, represented the seller Avesta Communities, a Tampa multifamily investment and management firm. The all-cash buyer is a private international investor from South America.

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