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Franklin Street Arranges $32M Sale of Fort Pierce MF Community

Franklin Street has arranged the $32.2 million sale of The Sands at St. Lucie, a 320-unit apartment property in Fort Pierce, FL.

Built in 1988, the affordable housing community is comprised of 21, two-story buildings featuring 208 two-bedroom and 112 three-bedroom units. At the time of sale, the property was 98% occupied. Amenities include an on-site fitness center, business center, clubhouse, volleyball court, pool and washer and dryer hookups in all units. All of the units currently operate under Florida’s Section 42 through January 2030, which restricts the maximum rent that is allowed to be charged and limits the amount of income the residents can make in order to qualify to live there.

Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street’s Tampa office represented the seller, Code Capital Partners, in the transaction. The buyer was Southport Financial, one of the largest affordable housing developers/owners in the nation.

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Inside The Story

Franklin Street’s Kattan

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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