PLANT CITY, Fla., June 6, 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 Rosebrook MHP and Apartments, a 29,622-square-foot manufactured home community in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,400,000.
Luis Baez, CCIM, Casey Babb, CCIM and Jose Villao, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a personal trust. The buyer, a limited liability company, was secured and represented byBaez and Babb.
“This acquisition provides the investor with a stabilized asset with cash flow at takeover
in a high-demand tertiary market poised for a higher than average growth rate,” says Villao.
Rosebrook MHP and Apartments is a 56-unit multi-residential community located in Plant City, Florida containing a combination of mobile homes and apartments. The property is fully stabilized with a consistent stream of income from the highly desirable and affordable rental units which are in high demand in this submarket. Rosebrook consists of 32 mobile homes with the majority being two-bedrooms/one-bath and the balance being a mixture of one-bedroom/one-bath and three-bedrooms/one-bath.
The balance of the total 56 units on the property consists of twenty-four conventional apartments housed within thirteen buildings. The apartment units comprised of eight efficiencies, eleven one-bedroom/one-bath, and five two-bedrooms/one-bath units.
The Rosebrook community consists of two parcels adjacent to each other sitting on collectively 12.8 acres with approximately 455 feet of frontage on U.S. Highway 92 (aka Baker Street going through Plant City), a bustling east-west corridor running parallel to Interstate 4. Rosebrook MHP and Apartments is located at 3607 West Baker Street 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