Winter Haven apartments fetch $82,500 per unit

Miami /
Sep.September 25, 2016 12:00 PM

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.”


Related Articles

arrow_forward_ios
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
LCOR's Anthony Barsanti and Anthony Tortora with 1775 Biscayne Boulevard (LCOR, Zillow) Arts & Entertainment District
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Marcus & Millichap's Ryan Nee and Harrison Rein (R & B Realty Group, Marcus & Millichap, iStock)
Marcus & Millichap moving Miami office to Gateway at Wynwood
Marcus & Millichap moving Miami office to Gateway at Wynwood
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Renderings of Venus with Erik Rutter and David Weitz (ImageFiction)
Carpe secures approval for North Miami Beach mixed-use apartment project
Carpe secures approval for North Miami Beach mixed-use apartment project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...