$57 Million, Two-Property Multifamily Sale Arranged by Marcus & Millichap

  

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.

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.

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.

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