LAKELAND, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Willowbrooke Apartments (top left photo), a 300-unit apartment complex in Lakeland. The property sold for $14,150,000, which represents $47,167 per unit and $50 per square foot.
Casey Babb (middle right photo), a senior associate in the firm’s Tampa office, represented the seller, Willowbrooke Apartments LLC, an affiliate of the Birmingham, Alabama-based Drummond Company Inc. The buyer, a Toronto, Canada-based investor, was represented internally.
“Prior to the sale, Willowbrooke Apartments was owned and meticulously operated by the original developer for more than 20 years,” says Babb.
“The property received $3,200,000-plus in renovations between 2004 and 2007 and yet upside potential remains through the strategic renovation of original unit interiors. As a result, the offering commanded significant interest and 16 written offers,” adds Babb.
The 283,000-square foot property is located at 1100 Oakbridge Pkwy. on the south side of Lakeland, just north of Polk Parkway along Harden Boulevard within Oakridge, one of the premier master-planned communities in Central Florida.
Willowbrooke Apartments was constructed in 1988 on a 23.38-acre site that features lush, mature Florida landscaping, private lakes and access to a two-mile walking, jogging and biking trail. Other community amenities include a large on-site leasing office and a clubhouse that opens onto a resort-style swimming pool, sundeck, fitness center and tennis and basketball courts.
The complex consists of 21 three-story, garden apartment buildings with breezeways and pitched shingle roofs. The unit mix features one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans averaging 943 square feet. Units feature semi-private entries, private patios/balconies, fully appointed kitchens and baths, full-size washer/dryer connections and fireplaces and vaulted ceilings in some units.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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