LAKELAND, Fla., October 17, 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 Bonny Apartments, a 200-unit apartment property located in Lakeland, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $12,850,000.
Michael Donaldson and Nicholas Meoli, senior vice presidents in Marcus & Millichap’s Tampa office, marketed the property on behalf of the seller, a limited liability company. The buyer was also secured and represented by Michael Donaldson and Nicholas Meoli.
“Bonny Apartments represented a strong value-add opportunity with in-place rents being some of the lowest in the submarket and sold by the original developer,” says Meoli. “The buyer saw significant upside by implementing interior and exterior enhancements allowing for over $200 rent increases after completion,” adds Donaldson.
Originally built in 1974, Bonny Apartments is a 200-unit multifamily community located in Polk County’s Lakeland, Fla. The apartment community historically has high occupancy and is currently 100% occupied.
Lakeland and Winter Haven are the largest metropolitan cities in Polk County, housing more than one-third of the county’s total resident population. Lakeland is positioned right off the major East-West corridor and Interstate 4, making it easy for residents to travel between Orlando and Tampa Bay. The community is well-positioned within minutes of downtown Lakeland, the Amazon Fulfillment Center, Publix Grocery Warehouse and Publix Corporate Headquarters. U.S. News & World ranked Lakeland #71 out of 125 Cities for “Best Places to Live” and #26 for “Best Places to Retire.” Bonny Apartments are located at 1104 Bartow Road in Lakeland, Fla.
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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