The multifamily property is located just north of East Bay Drive—a main east-west thoroughfare through Largo—and just south of Gulf to Bay Boulevard. That's less than five miles from Clearwater Beach and about five miles from Downtown Clearwater. Tech Data, Jabil Circuit, BayCare, and Home Shopping Network are among the area's top employers.

Multifamily unit amenities include kitchens equipped with refrigerators, stoves, microwaves, dishwashers and garbage disposals, along with breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies. The multifamily community features three resort-style pools, a 24-hour state-of-the-art fitness center and a lounge with pool tables and bistro seating.

Will we keep seeing this sort of activity in the Southeast? John Crossman, president of Crossman & Company, is cautiously optimistic.

“It would be nice to continue on that path,” Crossman tells GlobeSt.com. “If that happens there could be a long term of success. That being said, there's always the pending shadow of any potential major issues. And if things grow too fast, there are going be projects or opportunities being pulled back. One would hope that we learned enough in the last recession to keep it moving forward. It feels that way, but we live in interesting times.”

ORLANDO—Madison at Largo, a multifamily asset in Largo, FL, just traded hands. The sale price: $54 million, or $121,622 per unit.

Berkadia senior director Jason Stanton, along with managing director Cole Whitaker, senior director Hal Warren, and senior director Tal Frydman negotiated the multifamily sale. Located at 601 East Rosemary Road NE, the 444-unit multifamily property offers one-, two- and three-bedroom floorplans.

“The competition for this property was intense, as over 15 official property tours were conducted and resulted in more than 10 competitive offers,” says Stanton. “The ultimate price-per-unit was record-setting in Pinellas County for an off-waterfront property with more than 150 units.”

Frydman sold the property to Largo Landry LLC for $14.3 million in 2011. Since then the seller completed major renovations to the property with both interior and exterior enhancements. Madison at Largo's condition and its proximity to several major rental demand drivers were attractive factors for the buyer.

The multifamily property is located just north of East Bay Drive—a main east-west thoroughfare through Largo—and just south of Gulf to Bay Boulevard. That's less than five miles from Clearwater Beach and about five miles from Downtown Clearwater. Tech Data, Jabil Circuit, BayCare, and Home Shopping Network are among the area's top employers.

Multifamily unit amenities include kitchens equipped with refrigerators, stoves, microwaves, dishwashers and garbage disposals, along with breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies. The multifamily community features three resort-style pools, a 24-hour state-of-the-art fitness center and a lounge with pool tables and bistro seating.

Will we keep seeing this sort of activity in the Southeast? John Crossman, president of Crossman & Company, is cautiously optimistic.

“It would be nice to continue on that path,” Crossman tells GlobeSt.com. “If that happens there could be a long term of success. That being said, there's always the pending shadow of any potential major issues. And if things grow too fast, there are going be projects or opportunities being pulled back. One would hope that we learned enough in the last recession to keep it moving forward. It feels that way, but we live in interesting times.”