Marcus & Millichap Brokers Sale of 281 Units of Oakbrook Village
The property, located in Clearwater, Fla., comprises 296 units in total, of which 281 sold for $25.8 million, or $91,815 per unit.
By Evelyn Jozsa
Marcus & Millichap has arranged the sale of 281 units of Oakbrook Village, an apartment community in Clearwater, Fla., for $25.8 million, or $91,815 per unit. The firm represented the seller, a Florida-based private investor and procured the buyer, also a private investor, based in Colorado.
Located at 2225 Nursery Road, the community is near Highway 19 and offers various dining and shopping options. The Clearwater Mall is six minutes away from the property, and St. Pete-Clearwater International Airport is also easily accessible. Constructed in 1970, Oakbrook Village occupies 17.4 acres and comprises 36 one- and two-story buildings, featuring a mix of studio, one- and two-bedroom units, averaging 832 square feet.
Community amenities include:
- fitness center
- tennis court
- 2 swimming pools
- four laundry facilities
“This sale exemplifies the continually increasing demand we are seeing throughout Florida for value-add multifamily properties,” said Frank Carriera, senior managing director of Marcus & Millichap, in prepared remarks. “Strong investor interest in these assets is fueling cap rate compression for Class B and Class C properties.”
Carriera and Michael Regan, also a senior managing director, represented the seller, and procured the buyer in the transaction. Last year, in May, the team brokered the sale of a 278-unit community in Winter Haven, Fla.
Image courtesy of Yardi Matrix