Winter Haven apartments fetch $82,500 per unit

Marcus & Millichap represented the seller of the 90-unit property and secured the buyer

TRD 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
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
AHS Residential Ernesto Lopes and AHS Residential Tamiami (Credit: AHS)

AHS Residential scores $33M construction loan for Kendall apartment complex

AHS Residential scores $33M construction loan for Kendall apartment complex
AHS Residential’s Ernesto Lopes (Credit: D Ramey Logan/Wikipedia)

AHS Residential scores $34M loan for apartment project near West Palm

AHS Residential scores $34M loan for apartment project near West Palm
Quadro at Design District and Rainmundo Onetto

Alta Developers launches sales of Quadro at Design District

Alta Developers launches sales of Quadro at Design District
arrow_forward_ios

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

Loading...