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| Strawberry Place Apartments, 1400 Strawberry Place, Plant City, FL |
PLANT
CITY, 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 Strawberry Place Apartments, a 55-unit apartment property located in Plant City, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.
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| Luis Baez |
Luis Baez, CCIM and Casey Babb, CCIM, investment specialists in
Marcus & Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a private investor. Baez and Babb
secured and represented the buyer, a private investor.
“This
acquisition provided the buyer an opportunity to capitalize on a value-add
investment, and in a tertiary market which is a trend we have seen from local
investors in pursuit of higher yields,” says Baez.
Strawberry Place Apartments is a 55-unit, early
1980s vintage, Class B, garden apartment community that is 1.5 miles south of
downtown Plant City and west of Jim Redman Parkway. The community consists of
nine single-story, modular wood frame buildings with pitched shingle roofs
which were all replaced in 2015.
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| Casey Babb |
Set on approximately 3.8 acres the property
features mature, shady landscaping and a quiet park-like setting with a creek
running through the north part of the property. The unit mix consists of
51 one-bedroom/one-bathroom units at 575 square feet and four,
two-bedroom/one-bath units at 876 square feet.
Units feature private entries
and patios, individual air conditioning units, washer and dryer connections
with utility rooms, and fully equipped kitchens. Strawberry Place Apartments is
located at 1400 Strawberry Place in Plant City, Florida.
For more information, please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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