TAMPA, FL - Franklin Street brokered the sale of the Northridge Apartments, a 203-unit rental community located in the city of Saint Petersburg, Florida.
Franklin Street’s Tampa multifamily team, Kevin Kelleher, Darron Kattan and Zach Ames represented the seller, 6522 54th LLC and the buyer, Texas-based Northridge SP LLC, in the $21,000,000 transaction.
Franklin Street’s Lonnie Kitchen provided insurance for the new buyer.
“The buyer was new to the region and outbid all local active buyers while assuming the existing loan on the property,” said Darron Kattan, Managing Director, Franklin Street. “The property is well positioned for immediate NOI growth via small capital expenditures and significant capital appreciation in the long term as St. Petersburg continues to be one of the most desired cities in the region.”
Northridge Apartments is located at 6522 54th Ave N in Saint Petersburg, Fla. Built in 1970 & 1983, the two parcels spread over 7.29 acres and include 2 swimming pools, a playground and on-site laundry facilities. Northridge Apartments are centrally located and within minutes from Bay Pine VA Hospital, national retailers, Downtown St. Petersburg and Florida’s award-winning beaches.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions - Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com