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| Jasmine Homes Apartments, 3215 Baird Avenue, Lakeland, FL |
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| Michael Donaldson |
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 Jasmine Homes, a 120-unit
apartment community located in Lakeland, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The $5,450,000 sales price equates to
$45,417 per unit.
Michael Donaldson, vice president investments and Nicholas
Meoli, senior investment associate in Marcus & Millichap’s Tampa
office, represented both parties in this transaction.
Jasmine Homes is a garden-style community built in 1974 and
located at 3215 Baird Avenue in Lakeland, Fla.
Residents are approximately 30 to 40 minutes from Legoland, Disney
World, Busch Gardens, SeaWorld and Universal Studios.
The property is situated on approximately a 7.10-acre site
and is comprised of 20, two-story residential buildings and one single-story
building, which serves as a clubhouse and leasing office.
The property has a competitive amenity package, which
includes, a sparkling swimming pool with spacious sundeck and complimentary
WiFi internet access, a lighted tennis and racquetball court, an on-site
laundry facility, state-of-the-art fitness center, business center and media
room.
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| Nicholas Meoli |
Unit interiors feature dishwashers, garbage disposals, tile
in select units, ceiling fans and fully equipped electric appliances in the
kitchens.
“Jasmine Homes was another example of a stabilized
foreclosed property that sold at a price congruent to where non-distressed
apartment communities are trading for in the market,” says Donaldson.
“Through our national marketing platform and highlighting
the value-add potential of the property, we were able to generate 12 offers in
a matter of 30 days, and ultimately closed with a buyer that paid all cash with
no contingencies,” adds Meoli.
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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