TAMPA, FL—Multifamily may be the darling of the commercial real estate industry in Florida, but that doesn't mean every apartment asset gets snapped up in a hurry. That was the case with Park at Barrington, which traded after sitting on the market for over a year.

Park at Barrington ultimately sold for $12.3 million, which represent $50,410 per unit. Franklin Street's Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zach Ames represented the seller, a local investor. The buyer is also a local investor.

“Being on the market for over a year, an obstacle we had to overcome for the sale of Park at Barrington, was its location in a tertiary market,” Kattan tells Globest.com. “However, the quality of the construction and the overall condition of the property helped us overcome that challenge. Tertiary markets and MSAs are still seeing good activity. This shows the strength of the Tampa Bay area.”