PLANT CITY, FL, April 13, 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 Walden Landing, a 44-unit apartment property located in Plant City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.
Ned Roberts, associate, Nicholas Meoli, vice president investments, and Michael Donaldson, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Luis Baez, senior associate in the firm’s Tampa office.
Walden Landing is a 44-unit apartment community centrally located between Tampa and Lakeland at 305 West Grant Street in Plant City, Florida. Built in 1986, the community consists of three, two-story buildings comprised of eight, one-bedroom/one-bathroom units with 524 rentable square feet, eight, one-bedroom/one-bathroom units with 650 rentable square feet, 16 two-bedroom/two-bathroom units with 776 rentable square feet and 12 three-bedroom/two-bathroom units with 1,100 rentable square feet. Walden Landing features a sparkling swimming pool, on-site leasing center, laundry room and washer/dryer hook-ups in most units.
“The sale of Walden Landing further solidifies the movement of capital into secondary and tertiary markets to achieve greater yield,” says Donaldson.
“With prices continuing to climb in all markets in Florida, suburban areas such as Plant City are attracting investors with more prevalent higher return class “B” value-add opportunities such as Walden Landing,” adds Roberts.
“The buyer of Walden Landing was attracted to the desirable unit mix, good location and ability to push rents higher through management efficiencies and property upgrades,” concludes Baez.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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