Franklin Street Brokers $10M Sale of Value-Add MF Portfolio in Plant City
Franklin Street has arranged the $10.1 million sale of Georgetown Apartments and Cynthia Gardens, two adjacent apartment communities in Plant City totaling 104 units.
The two properties have been owned by the original developer since they were built in 1974 and 1978. The buyer, Peacock Capital LLC, plans to build additional units on the Cynthia Gardens property, which includes nearly five acres zoned for up to 58 units. The buyer is also planning significant renovations at both existing properties. Georgetown Apartments features 56 units and Cynthia Gardens features 48 units.
Zach Ames, Darron Kattan, Avery Jordan and Mark Savarese of Franklin Street represented the seller in the transaction. The buyer was not disclosed.