Marcus & Millichap has arranged the sale of Lois Landing, a 56-unit apartment community in the Beach Park neighborhood of Tampa, Fla.
The asset changed hands between two private investors. Casey Babb, Luis Baez and Shawn Rupp of the brokerage firm’s Tampa office marketed the property on behalf of the seller. The team also secured and represented the buyer.
The community is located at 215 S. Lois Ave., just off W. Kennedy Boulevard and its adjacent retail corridor. Downtown Tampa is roughly 4 miles east of the site, while Interstate 275 is less than a mile away. Common-area amenities at the property include a resort-style pool, hot tub, cabanas with fire pit and a fitness center. The new owner plans to complete renovations at the property.
After a 2-year partnership with the seller, the brokers obtained 5 percent more than the anticipated original pricing, Baez said in a prepared statement. Earlier this year, the same team was involved in another Tampa Bay sale: A 178-unit community in Lakeland, Fla. that sold for $17.5 million in a 1031 exchange.