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 LeMans - Lakeland, a 198-unit apartment property located in Lakeland, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $16,250,000.
Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Michael Donaldson and Nicholas Meoli.
“LeMans Lakeland was an attractive 5.8% going in CAP rate with the ability to increase the effective gross income by 21% after completing light interior renovations,” says Meoli.
“Through our proprietary database and utilizing Marcus & Millichap’s platform we were able to generate over 270 registered buyers after a 30-day marketing campaign,” adds Donaldson.
LeMans – Lakeland is a 198-Unit garden-style community in Polk County’s Lakeland, Fla. The community consists of 58 units built in 1988, 51 units built in 1989, 56 units built in 1990 and 33 units built in 2002. Amenities include on-site laundry facilities, lush landscaping with scenic Spanish moss trees, BBQ grilling station and picnic area and fenced-in private patios.
The apartment community is well-positioned within minutes to downtown Lakeland, the Amazon fulfillment center, Publix Grocery warehouse, and Publix Corporate Headquarters. U.S. News and World Report ranked Lakeland #71 out of 125 Cities for “Best Places to Live” and “Best Places to Retire.” LeMans - Lakeland is located at 1501 Shepherd Road in Lakeland, Fla.
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
