LAKELAND, FLA., December 12, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cleveland Heights, a 236-unit multifamily community located in Lakeland, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $8,650,000 sales price equates to $36,653 per unit.
Michael P. Regan and Francesco P. Carriera, vice president investments and multifamily specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor and the buyer, a limited liability company.
Cleveland Heights was built in 1975 with capital improvements made in 2012. The property is located at 3520 Cleveland Heights Boulevard in Lakeland, Florida and consists of 31, one and two-story buildings with a mix of one, two and three-bedroom units. The property is in close proximity to Interstate 4 which connects to Interstates 275 and 95. Interstate 4 provides residents with a quick commute to Tampa, Orlando, Kissimmee and Daytona Beach.
“We were able to successfully create a market by accenting the location to both local and out-of-state buyers, while pricing it at a point to attract both add-value players and long-term, yield-driven investors” says Michael Regan. “Needless to say, there was a lot of competition for the asset.”
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.