Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Reserve at Brandon, a 982-unit multifamily community located at 1918 Plantation Key Circle in Brandon, Florida.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by NorthEnd Equities and Residential Management and acquired by ZMR Capital.
“Reserve at Brandon boast significant economies of scale with 982 units, making it the second largest multifamily asset in the Tampa Bay metro area,” said Meoli, Executive Managing Director at Cushman & Wakefield. “The property, which was built in three phases from 1991-2002, was partially renovated to a mid-level finish allowing new ownership an incredible opportunity to complete a second-generation value-add program to produce quick upside returns.”
Reserve at Brandon was 95% leased at the time of sale and features one-to-three-bedroom units, three swimming pools, a designer clubhouse equipped with a business center and coffee bar, and a state-of-the-art fitness center. The multifamily community also offers a value-add opportunity through a series of interior unit renovations and community upgrades.
“As we continue to see lease trade outs in the Brandon submarket over 30%, the buyer intends to renovate the units to a luxury grade finish and enhance the amenity package to compete with other renovated assets in the immediate area,” added Donaldson, Executive Managing Director at Cushman & Wakefield. “With rent growth in Brandon projected to be above 27% over the next 12 months, we are seeing substantial investor interest from across the country targeting the area.”