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The Abbey at Forest Lakes Apartments
100 Old Village Way
Oldsmar, Pinnellas County, FL
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OLDSMAR, FL, June 18, 2013 –
Institutional Property Advisors (IPA), a multifamily brokerage division of
Marcus & Millichap serving the needs of institutional and major private
investors, has arranged the sale of The Abbey at Forest Lakes, a
400-unit multifamily complex located in Oldsmar, Pinellas County, Fla. The
sales price of $33,000,000 equates to $82,500 per unit.
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| Jamie B. May |
IPA Florida executive director Jamie
B. May advised the seller, Abbey Residential. The buyer is Pacifica Companies.
“The Abbey at Forest Lakes is a well-maintained, late
’80s constructed property situated in a high barrier-to-entry location,” says
May.
“The property has tremendous potential to add value through strategic
capital investments in unit interiors and also offers the new ownership an
opportunity to capitalize on rental rate increases as the apartment market
enters a prolonged recovery period.”
The property is located at 100 Old
Village Way, just off Tampa Road in Oldsmar, on the eastern edge of north
Pinellas County.
The immediate surrounding area includes numerous retail
venues, restaurants, parks and highly rated schools. Tampa Bay employment
centers including the Westshore business district, downtown Clearwater and the
Gateway/Carillon district are all easily accessed from the complex.
Built in 1984, The Abbey at Forest
Lakes is situated on 42 acres with five lakes and generous scenic views. The
unit mix includes 136 three-bedroom/two-bath units, 232 two-bedroom/two-bath
units and 32 one-bedroom/one-bath units.
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| Westshore business district, Tampa, FL |
Amenities include two resort-style
pools with sundecks, a tennis court, putting green, four laundry centers, a
fitness center, car care center, sand volleyball, boat storage and several
picnic and barbecue areas.
For
a complete copy of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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