LAND O’LAKES, FLA., March 1, 2016 – 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 Cypress Grove Apartments, a 47-unit apartment property located in Land O’Lakes, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,050,000.
Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a Tampa-based private investor, was secured and represented by Casey Babb and Luis Baez.
Cypress Grove Apartments is a 47-unit community located at 4142 My Lady Lane in Land O’Lakes, Florida. The property consists of six, two-story apartment buildings and a single story office building on approximately 3.03 acres. The office building contains a two-bedroom/one-bathroom manager suite, as well as a clubhouse and laundry center. The remaining buildings house 46 apartments, which are 79 percent two-bedroom/one-bathroom and 21 percent one-bedroom/one-bathroom units. The units feature large floorplans averaging 832 square feet, fully-appointed electric kitchens, central HVAC, private patios, balconies, oversized closets, outside storage and come cable ready. Residents enjoy quiet country living, on-site leasing and maintenance services, as well as an on-site laundry facility.
“This offering was highly sought after and received over 10 offers due to the future cash flow potential. At this point in the cycle, investors seeking yield are finding opportunity in secondary and tertiary locations, and this transactions was very representative of that dynamic,” says Babb. “Cypress Grove was built under the USDA’s Rural Development Program in the 1980s and is now exiting the program allowing the incoming investor to reposition the asset as a market rate property. He will be able to rehab units and increase rents to settle into a significantly above average cash flow.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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