Commercial brokerage Marcus & Millichap reported the sale of a garden-style apartment complex in Winter Haven for $82,500 per unit.
A limited liability company paid $7.425 million for the 90-unit Arbours at Garden Grove, a cluster of 11 two-story buildings at 4900 Cypress Gardens Road, near downtown Winter Haven and the Legoland Florida amusement park.
Arbours at Garden Grove, built in 2001, occupies a parcel measuring about 8.47 acres. The low-rise rental property is comprised of 16 one-bedroom, 58 two-bedroom and 16 three-bedroom apartments.
Rentable square feet per unit range from 885 to 1,105 to 1,270. Units are equipped with full-size washer/dryers. Shared amenities at the apartment complex include a gym, clubhouse, volleyball court and swimming pool.
Nicholas Meoli and Michael Donaldson, each a vice president investment in the Tampa office of Marcus & Millchap, had the exclusive listing to sell Arbours at Garden Grove on behalf of a partnership. Meoli and Donaldson also secured and represented the buyer.
Meoli said in a written statement that the buyer “saw an excellent value-add opportunity by implementing an interior renovation program and capitalizing on below market rents.”