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| Luis Baez |
LAND O’LAKES, 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 Cypress Grove Apartments,
a 47-unit apartment property located in Land O’Lakes, Florida, according to Richard D. Matricaria, regional manager
of the firm’s Tampa office. The asset sold for $2,050,000.
Luis Baez,
senior associate, and Casey Babb,
CCIM and vice president investments, both in Marcus & Millichap’s Tampa
office, had the exclusive listing to market the property on behalf of the
seller, a developer. The buyer, a
Tampa-based private investor, was also secured and represented by Babb and
Baez.
Cypress Grove Apartments
is a 47-unit community located at 4142 My Lady Lane in Land O’Lakes, Florida.
The property consists of six, two-story apartment buildings and a single story
office building on approximately 3.03 acres.
The office building
contains a two-bedroom/one-bathroom manager suite, as well as a clubhouse and
laundry center. The remaining buildings house 46 apartments, which are 79
percent two-bedroom/one-bathroom and 21 percent one-bedroom/one-bathroom units.
 |
| Casey Babb |
The units feature large
floorplans averaging 832 square feet, fully-appointed electric kitchens,
central HVAC, private patios, balconies, oversized closets, outside storage and
come cable ready. Residents enjoy quiet country living, on-site leasing and
maintenance services, as well as an on-site laundry facility.
“This offering was highly
sought after and received over 10 offers due to the future cash flow potential.
At this point in the cycle, investors seeking yield are finding opportunity in
secondary and tertiary locations, and this transactions was very representative
of that dynamic,” says Babb.
“Cypress Grove was built
under the USDA’s Rural Development Program in the 1980s and is now exiting the
program allowing the incoming investor to reposition the asset as a market rate
property. He will be able to rehab units and increase rents to settle into a
significantly above average cash flow.”
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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