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| 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.
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| 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.
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| 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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