LAKELAND, Fla., July 25, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Imperial Crown Apartments, a 173-unit apartment property located in Lakeland, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $6,850,000 sales price equates to $39,595 per unit.
Francesco P. Carriera and Michael P. Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Imperial Crown Apartments were built in 1975 and are located at 1013 Griffin Road in Lakeland, Fla. The property consists of two, four-story residential buildings that are comprised of 56 one-bedroom/one-bathroom units, 49 one-bedroom/one-bathroom deluxe units, 52 two-bedroom/one-bathroom units and 16 two-bedroom/two-bathroom units. Superior community amenities include two on-site laundry facilities, controlled access, fitness center, business center, clubhouse, volleyball court, shuffleboard courts, billiards room, playground and a resort-style swimming pool.
The property received significant capital improvements in 2013 that included new exterior paint, two new roofs and a repaved and restriped parking lot. Additionally, the interiors of ten units were renovated with new vinyl tile and carpet flooring, as well as new countertops, kitchen cabinetry and kitchen appliances.
“The buyer recognized a significant add value play in Imperial Crown Apartments, which should be expedited by the continued growth we are seeing in north Lakeland, along the I-4 corridor, “says Regan.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com