Collier Cos. Sells Tampa Bay Community for $30M
- Feb 01, 2018
The Collier Cos. has sold Lakeside Apartment Homes, a 228-unit community in Brandon, Fla. According to public records, Robbins Property Associates purchased the asset for $30 million. Marcus & Millichap represented the seller and procured the buyer in the $131,579 per unit transaction.
Lakeside Apartment Homes was completed in 1985 and consists of 128 one- and 100 two-bedroom units. Common amenities include a swimming pool, sports courts, car-care facility and a lakeside gazebo. The community at 529 S. Parsons Ave. is situated roughly 12 miles east of downtown Tampa and directly across the street from Brandon Regional Hospital, while Westfield Brandon Mall is a seven-minute drive away. The property also offers easy access to the Lee Roy Selmon Expressway and interstates 75 and 4.
Marcus & Millichap’s Senior Vice Presidents of Investments Nicholas Meoli and Michael Donaldson, along with Associate Ned Roberts oversaw the transaction. “The buyer plans to build on the seller’s improvements with extensive common-area and unit-interior upgrades,” Roberts said in prepared remarks.
According to Yardi Matrix, Collier acquired the asset in 2014 for $22.4 million, through a $17.9 million, 10-year term Fannie Mae loan. Collier is also in charge of managing the 487-unit Seminole Grand, one of the largest Florida student housing communities.
Image courtesy of Yardi Matrix