Florida & Gulf Coast + Central Florida + Apartments | February 26, 2021

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.

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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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