BRANDON, FL –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of Charleston Landings (top left photo), a 19-building, 300-unit multifamily complex in Brandon. The sales price was $24,500,000.
Jamie B. May (middle right photo), a senior director, represented the seller, Apartment Investment and Management Co. (AIMCO) and the buyer, Dorvidor Management Co. IPA is a division of Marcus & Millichap Real Estate Investment Services.
“Charleston Landings is a fully stabilized property with excellent in-place cash-on-cash returns,” says May. “Recently completed major renovations alleviate the need for significant capital expenditures in the near future. The new ownership is well positioned to achieve strong in-place cash flow yield and realize the property’s upside potential through the reduction of concessions as the rental market recovers,” adds May.
The 256,144-square foot property is located at 902 Delaney Circle, adjacent to the Westfield Brandon Mall (lower left photo), a nearly one million-square foot shopping and entertainment complex anchored by Macy’s, Dillard’s, JC Penney, Sears, Dicks Sporting Goods, Abercrombie & Fitch, an Apple Store, Books-A-Million and DSW Shoes.
Charleston Landings was built in 1987 on 23.6 acres surrounding a four-acre lake with a pier. Institutionally owned and managed, the property has been updated with energy saving high-efficiency air handlers and condensers, partial roof replacements, new countertops and new brushed-steel appliances.
Community amenities at Charleston Landings include a resort-style pool, a fitness center and a recently renovated two-story clubhouse with a business center and theater. Apartments feature updated gourmet kitchens with an open layout, breakfast bar, stainless-steel appliances and refinished oak cabinetry, remodeled bathrooms with new electrical fixtures, plumbing fixtures and accessories, ceiling fans, screened-in patios and balconies and washers and dryers.
Brandon, Fla. is approximately 13 miles from Tampa.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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