LAKELAND, Fla., January 27, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Bentley Pines Apartments, a 112-unit apartment property located in Lakeland, FL, according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for$7,900,000.
Jason Hague, Adam Podbelski and Ned Roberts, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Jason Hague, Adam Podbelski and Ned Roberts.
“Bentley Pines was a unique transaction in that there were twelve different owners involved in the sale, all who owned at least one building within the community. It was a large undertaking communicating with the group and getting everyone involved on the same page, but we were able to navigate through the hurtles and ended up with excellent results for our clients. Due in part to our massive marketing campaign to over 15,000 buyers we were able to generate eight offers in only two weeks of marketing, three of which were close to or at list price. Ultimately the winning buyer paid $100k over list price with substantial non-refundable money day one and closed seamlessly within 51 days from the executed contract date,” said Mr. Hague.
Bentley Pines Apartments is located at 2050 East Edgewood Drive in Lakeland, Fla. The community has 112 garden-style multifamily units.
The Lakeland-Winter Haven MSA is ranked 4th in the nation for population growth, by a percentage of 3.2% (2018), which is expected to increase in 2020. The property is in the heart of the 1-4 Corridor which has seen the largest concentration of job creation and population growth in the state.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.