Wednesday, May 30, 2018

Marcus & Millichap Arranges Sale of 55-Unit Apartment Building in Plant City, FL

Strawberry Place Apartments, 1400 Strawberry Place, 
Plant City, FL

PLANT CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Luis Baez
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Baez and Babb secured and represented the buyer, a private investor.
 “This acquisition provided the buyer an opportunity to capitalize on a value-add investment, and in a tertiary market which is a trend we have seen from local investors in pursuit of higher yields,” says Baez.

Strawberry Place Apartments is a 55-unit, early 1980s vintage, Class B, garden apartment community that is 1.5 miles south of downtown Plant City and west of Jim Redman Parkway. The community consists of nine single-story, modular wood frame buildings with pitched shingle roofs which were all replaced in 2015. 

Casey Babb
Set on approximately 3.8 acres the property features mature, shady landscaping and a quiet park-like setting with a creek running through the north part of the property.  The unit mix consists of 51 one-bedroom/one-bathroom units at 575 square feet and four, two-bedroom/one-bath units at 876 square feet. 
Units feature private entries and patios, individual air conditioning units, washer and dryer connections with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is located at 1400 Strawberry Place in Plant City, Florida.
For more information, please contact:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700

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