Equity Management Partners has sold LeMans, a 198-unit garden-style community in Lakeland, Fla., for $16.3 million, according to Yardi Matrix. Marcus & Millichap worked on behalf of the seller and secured the buyer, a limited liability company. The community changed hands at a 5.8 percent cap rate.
Located at 1501 Shepherd Road, LeMans occupies more than 16 acres near freeways 60, 98 and 570. Additionally, the community is situated approximately 8 miles from Lakeland Linder International Airport and 38 miles from downtown Tampa. Besides these, the property is also close to the city’s downtown, the Amazon fulfillment center and Publix Grocery warehouse.
The 28-building community was built in phases from 1988 to 2002 and comprises a mix of studios and one- and two-bedroom units, averaging 635 square feet. The units feature private entry and private balcony or patio. Community amenities include laundry facilities, barbecue grilling station, picnic area and lush landscaping with Spanish moss trees.
Marcus & Millichap’s brokerage team included Investment Specialists Michael Donaldson and Nicholas Meoli. Earlier this year, the team also brokered the sale of Lakeside Apartment Homes in Brandon, Fla.
Image courtesy of Yardi Matrix