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.