PLANT CITY, Fla., May 29, 2018 – 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 Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baez and Babb secured and represented the buyer, a private investor.
“This acquisition provided the buyer an opportunity to capitalize on a value-add investment, and in a tertiary market which is a trend we have seen from local investors in pursuit of higher yields,” says Baez.
Strawberry Place Apartments is a 55-unit, early 1980s vintage, Class B, garden apartment community that is 1.5 miles south of downtown Plant City and west of Jim Redman Parkway. The community consists of nine single-story, modular wood frame buildings with pitched shingle roofs which were all replaced in 2015. Set on approximately 3.8 acres the property features mature, shady landscaping and a quiet park-like setting with a creek running through the north part of the property. The unit mix consists of 51 one-bedroom/one-bathroom units at 575 square feet and four, two-bedroom/one-bath units at 876 square feet. Units feature private entries and patios, individual air conditioning units, washer and dryer connections with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is located at 1400 Strawberry Place in Plant City, Florida.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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