WINTER HAVEN, FL, September 21, 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 Arbours at Garden Grove, a 90-unit apartment property located in Winter Haven, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,425,000.
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 partnership. The buyer, a limited liability company, was secured and represented by Meoli and Donaldson.
Arbours at Garden Grove is a 90-unit garden-style apartment community located at 4900 Cypress Gardens Road in Winter Haven, Florida. The property consists of 11 two-story buildings which are comprised of 16 one bedroom/one bath units with 885 rentable square feet, 58 two bedroom/two bath units with 1,105 rentable square feet and 16 three bedroom/two bath units with 1,270 rentable square feet. Built in 2001, the property sits on a spacious, approximately 8.47 acre parcel. Amenities include a fitness center, clubhouse, volleyball court, detached garages, swimming pool, ample parking, full-sized washer/dryers, full range of appliances, stand-alone leasing office, private patios and optional outside storage.
“The buyer saw an excellent value-add opportunity by implementing an interior renovation program and capitalizing on below market rents,” says Meoli.
“Located minutes away from Legoland and downtown Winter Haven with over $100 million in recent economic investments, Arbours at Garden Grove is well positioned for long term growth,” adds 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