Franklin Street Brokers $12.19 Million Sale of Cottage Court Multifamily Community in Port Richey for Prosperity Capital Partners
PORT RICHEY, Fla. — Franklin Street has brokered the $12.19 million sale of Cottage Court, a 92-unit multifamily community located at 7110 Tudor Lane in Port Richey, Florida, the firm announced August 3, 2026. Franklin Street represented both the seller, Prosperity Capital Partners, and the buyer, Avenue Living Asset Management, a privately held California-based firm, in the transaction.
The deal carries a price per unit of approximately $132,500 and represents Park Avenue Asset Management's largest Florida multifamily acquisition to date.
Deal Structure and Full-Service Execution
Franklin Street's involvement in the transaction extended beyond investment sales brokerage. The firm's Capital Advisory division arranged financing for the buyer, and its Insurance Services team placed the buyer's property and casualty coverage — a single integrated assignment spanning three service lines.
On the investment sales side, the brokerage team included Avery Jordan, regional managing director; Darron Kattan, executive managing partner; and Mark Savarese, senior director. Dakota Brown, senior director, led the Capital Advisory work, while Michael Conlon, senior managing director, oversaw insurance placement.
"Despite volatility in the capital markets, we ran a 45-day exclusive listing process that generated competitive bidding and ultimately delivered the best pricing and terms for our client," Jordan said. "With catalysts like the Moffitt Speros campus and the Ridge Road extension to the Suncoast Parkway, investor interest in West Pasco County continues to build momentum."
Park Avenue Asset Management cited the streamlined process as a key advantage. "Having Franklin Street not only list the property but also execute the financing and insurance made the acquisition process seamless and allowed us to focus our resources on executing site level due diligence," said Mitchell Monroe, associate at Park Avenue Asset Management.
Asset Overview: Cottage Court in West Pasco County
Cottage Court sits on more than eight acres at 7110 Tudor Lane in Port Richey, Florida 34668. The 92-unit garden-style community includes a clubhouse and leasing office, swimming pool, BBQ area, and valet trash service. The property is situated in the West Pasco County submarket of the broader Tampa Bay area.
Park Avenue Asset Management plans to execute a value-add strategy at the property focused on interior renovations, upgraded landscaping, and refreshed amenities. Monroe noted that the firm already has a presence in the submarket and an existing property management team in place, which informed the acquisition decision. "Already owning in the submarket and having our property management team in place, we saw Cottage Court as a great opportunity to absorb into our portfolio," Monroe said.
Submarket Demand Drivers
Franklin Street pointed to two infrastructure and institutional developments as drivers of investor interest in West Pasco County: the Moffitt Speros campus and the Ridge Road extension to the Suncoast Parkway. The Moffitt Speros campus represents a life-science and healthcare expansion by Moffitt Cancer Center in Pasco County, while the Ridge Road extension is expected to improve east-west connectivity to the Suncoast Parkway, enhancing regional access to Tampa's core employment centers.
Both projects are cited in the transaction announcement as factors underpinning demand for multifamily housing in the submarket, supporting the value-add thesis that Park Avenue Asset Management intends to execute at Cottage Court.
Capital Markets Context
The transaction closed amid what Franklin Street described as capital markets volatility, yet the 45-day exclusive listing process drew competitive bidding. The deal illustrates continued investor appetite for value-add multifamily assets in growing Sunbelt secondary submarkets, even as higher interest rates and tighter lending conditions have weighed on deal volume more broadly. Franklin Street's ability to arrange financing through its Capital Advisory division alongside the brokerage assignment reflects a broader trend of buyers seeking integrated service platforms to navigate a more complex lending environment.