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| Plantation Key Apartments, Brandon, FL |
BRANDON, FL – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of two Tampa Bay Area multifamily communities totaling 982
units.
The assets, Plantation
Key and Providence Park, are located directly across the street from
one another in Brandon. Their combined selling price is $57 million.
Jeffrey Meyer, a vice president investments, and
Michael Donaldson, a senior associate, both in Marcus & Millichap’s Tampa
office, represented the sellers, two private partnerships, and the buyer, a
private Tampa-based real estate investment group.
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| Providence Park Apartments Brandon, FL |
“These 1990-built properties required an investor with both
a strong vision of the Brandon market and a proven ability to reposition a
property within it,” says Meyer. “Our buyer has a history of successfully
leveraging Tampa’s job growth and other favorable market conditions to achieve
significant rent increases through common area and in-unit amenity upgrades.”
“Plantation Key and Providence Park’s superior location, in
close proximity to a number of major employment centers and northeast Tampa’s desirable
university area, supported the investor’s view that it was an excellent
value-add candidate,” Meyer adds.
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| Jeffrey Meyer |
“Typical buyers might have shied away from this property
because of its large size and heavy unit concentration, which typically would
have resulted in a management-intensive situation,” Donaldson concludes, “but
thanks to his intimate market knowledge, this investor saw the upside potential
in the location and the area’s job growth, and is even now planning a major
entryway upgrade.”
The two Brandon properties are located at 1918 Plantation
Key Circle and 401 Providence Road. They were built on 60.8 acres and total
871,380 square feet. The properties’ 15 distinct floor plans include 534
one-bedroom/one-bath units, 376 two-bedroom/two-bath units, and 72
three-bedroom/two-bath units.
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| Westfield Brandon Mall, Brandon, FL |
Plantation Key and Providence Park are conveniently located
less than half a mile from the intersections of State Road 60, the Crosstown
Expressway and Interstate 75. Interstate 75’s office employment centers and the
Tampa downtown business district’s own employment opportunities are both close
by.
Retail opportunities are highlighted by the Westfield Brandon shopping
mall, a 1.2 million-square foot regional indoor shopping destination situated
walking distance from the property.
For a complete copy of the company’s news release, please
contact:
Public Relations
(925) 953-1716
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