Friday, January 9, 2015

$5.4 Million Sale of Jasmine Homes Apartments in Lakeland, FL Brokered by Marcus & Millichap


Jasmine Homes Apartments, 3215 Baird Avenue, Lakeland, FL

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.

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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