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| Imperial Crown Apartments, Lakeland, FL |
LAKELAND, FL –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Imperial Crown Apartments, a 173-unit apartment property
located in Lakeland, Fla., according to Richard D. Matricaria, regional manager
of the firm’s Tampa office.
The $6,850,000 sales
price equates to $39,595 per unit.
Francesco P. Carriera and Michael P. Regan,
vice presidents investments in Marcus & Millichap’s Tampa office,
represented both parties in the transaction.
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| Francesco Carriera |
Imperial Crown Apartments were built in 1975 and are located
at 1013 Griffin Road in Lakeland, Fla.
The property
consists of two, four-story residential buildings that are comprised of 56
one-bedroom/one-bathroom units, 49 one-bedroom/one-bathroom deluxe units, 52
two-bedroom/one-bathroom units and 16 two-bedroom/two-bathroom units.
Superior community
amenities include two on-site laundry facilities, controlled access, fitness
center, business center, clubhouse, volleyball court, shuffleboard courts,
billiards room, playground and a resort-style swimming pool.
The property received significant capital improvements in
2013 that included new exterior paint, two new roofs and a repaved and
restriped parking lot.
Additionally, the
interiors of ten units were renovated with new vinyl tile and carpet flooring,
as well as new countertops, kitchen cabinetry and kitchen appliances.
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| Michael P. Regan |
“The buyer recognized a significant add value play in Imperial
Crown Apartments, which should be expedited by the continued growth we are
seeing in north Lakeland, along the I-4 corridor, “says Regan.
For a complete copy of the company’s news release, please
contact:
Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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