Friday, December 14, 2012

Marcus & Millichap Announces Sale of 236-Unit Multifamily Community in Lakeland, FL for $8.65 Million



Cleveland Heights, Lakeland, FL
LAKELAND, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cleveland Heights, a 236-unit multifamily community located in Lakeland, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The $8,650,000 sales price equates to $36,653 per unit.

Michael P. Regan
Michael P. Regan and Francesco P. Carriera, vice president investments and multifamily specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor and the buyer, a limited liability company.

Cleveland Heights was built in 1975 with capital improvements made in 2012.  The property is located at 3520 Cleveland Heights Boulevard in Lakeland, Florida and consists of 31, one and two-story buildings with a mix of one, two and three-bedroom units.  

Francesco P. Carriera
The property is in close proximity to Interstate 4 which connects to Interstates 275 and 95.  Interstate 4 provides residents with a quick commute to Tampa, Orlando, Kissimmee and Daytona Beach.

“We were able to successfully create a market by accenting the location to both local and out-of-state buyers, while pricing it at a point to attract both add-value players and long-term, yield-driven investors” says Michael Regan.  “Needless to say, there was a lot of competition for the asset.”




Press Contact:

Richard D. Matricaria
Regional Manager,
 Tampa
(813) 387-4700

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