TAMPA, FL - Franklin Street has arranged the sale of Georgetown Apartments and Cynthia Gardens, two adjacent apartment communities in Plant City, Florida, approximately 25 miles east of Tampa. The 104-unit, value-add portfolio sold for $10.1 million, or approximately $97,100 per unit.
The two properties have been owned by their original developer since they were completed in 1974 and 1978. The buyer, Peacock Capital, LLC, plans to build additional units on the Cynthia Gardens property, which includes 4.5 acres zoned for up to 58 units. The buyer is also planning significant renovations at both existing properties.
Franklin Street’s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the seller.
“With some of the largest units in the submarket and coupled with some of the lowest rents, the buyer will be able to implement a value-add program where they will see strong rent growth very quickly,” said Ames. “The Plant City market and the I-4 corridor have seen strong overall growth with the industrial / distribution boom over the last few years, and I don’t see that slowing down anytime soon. Polk County’s population growth is outpacing every other county in the state of Florida, and in turn is outpacing the supply of housing.”
Georgetown Apartments features 56 units and Cynthia Gardens features 48 units. Both properties offer one- and two-bedroom residences ranging from 750 to 1,100 square feet. The portfolio was 99% occupied at the time of sale. Both properties feature sparkling swimming pools and laundry facilities.
At 603 N. Dort St. and 505 Whitehall St., the properties are conveniently located one mile from Interstate 4, providing easy commutes to both Tampa and Lakeland.
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