Franklin Sells Amaretto Apartments
Bank Owned property goes for $2.2M

Tampa - Franklin Street Real Estate Services is pleased to announce the sale of Amaretto Apartments in Tampa, Fla., for $2.2 million. The sales price represents $22,916 per unit and $26.94 per square foot.

Franklin Street Partners Darron Kattan and Bob Goldfinger represented the seller and Bobby Soroory of BOA Asset Management represented the buyer in the transaction. The seller was the Lender. The buyer was a private, local buyer.

"Amaretto represents one of the first transactions of a significant apartment community in Tampa that was bank owned due to failing operations and not because of a condominium conversion gone south. The property was a classic bank owned situation, full of upside for the buyer once he spends time and money to improve the property and the operations. We believe the market has settled and we expect values to stabilize by the end of the year and, based on an overall economic recovery, we will start see appreciation re-enter the marketplace." comments Kattan.

Built in 1971, Amaretto Apartments is located at 14401 22nd Street N. Tampa, FL. The property was constructed of concrete block and offers 81,660 rentable square feet. The apartment community consists of 48 one-bedroom units and 48 two-bedroom units ranging in size from 680 square feet to 1,016 square feet. Common amenities include a swimming pool, clubhouse, sports court and a laundry facility. Units are equipped with walk-in closets, balconies or patios and newer windows. Amaretto is conveniently located near major highways, the University of South Florida and has excellent visibility off 22nd Street.

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