LAKELAND, FL, August 29, 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 Jasmine Homes, a 120-unit apartment property located in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.
Nicholas Meoli and Michael Donaldson, both vice president investments 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 limited liability company, was secured and represented by Meoli and Donaldson.
Jasmine Homes is 120-unit, garden-style community located at 3215 Baird Avenue in Lakeland, Florida. Situated on an approximately 7.10 acre site, Jasmin Homes is comprised of 20 two-story residential buildings and one, two-story building, which serves as a clubhouse and leasing office. The unit mix offers two spacious, open floorplans consisting of 28 one-bedroom/one-bathroom units with 725 rentable square feet and 92 two-bedroom/one-bathroom units with 864 rentable square feet. Amenities at Jasmine Homes include a sparkling swimming pool with a spacious sundeck and complimentary Wi-Fi, dog park, new playground, racquetball court, on-site laundry facilities, state-of-the-art fitness center, business center and media room.
“Located in a sought after area in Lakeland, Jasmine Homes is surrounded by new developments and easy access to Interstate 4, which allows for a quick commute to several destinations between the two major area metros, Tampa and Orlando,” says Meoli.
“Population growth and organic rental growth continues to climb within the Interstate 4 corridor making Jasmine Homes a well-positioned property for a long term investment,” add Donaldson.
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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