Marcus & Millichap Arranges Sale of 200-Unit Residential Community in Lake City, Fla.
- Apr 21, 2016
The transaction was valued at $11.6 million, or $58,000 per unit. Michael Donaldson and Nicholas Meoli, vice presidents of investments at Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.
“At the time of the sale, The Grove was approximately 75 percent occupied in a market that has an average occupancy level of 96 percent,” said Donaldson in prepared remarks. “The property gives the new owner a substantial opportunity to enhance value as it is a true ‘best in class’ community in Lake City with the potential to deliver a consistent income stream.”
The market-rate community is located at 384 Southwest Dexter Circle, at the convergence of Interstate 75, Interstate 10, U.S. Highway 90, U.S. Highway 441 and U.S. Highway 47, one of the largest crossroads in the state. It is adjacent to Lake City Middle School, and it is located in close proximity to Lake City Mall, the VA Medical Center, Lake City Gateway Airport, Florida Gateway College and St. Leo University.
The Grove is made up of 750-square-foot two-bedroom apartment homes featuring wood laminate flooring, gourmet kitchens, washer and dryer connections, energy efficient appliances and dishwashers and garbage disposals. Community amenities include a swimming pool with a paved sundeck, barbecue grills and a children’s playground. According to The Grove website, monthly rents start at $725. The community is also pet friendly, allowing a maximum of 2 pets, including cats or dogs.
“The Grove is the only 100-plus-unit market-rate multifamily community in the Lake City submarket that was built in the 2000s,” said Meoli. “Continued reduction of loss-to-lease and stabilization of occupancy will greatly enhance the property’s ability to generate revenue.”
Marcus & Millichap also arranged recently the sale of The Bahamas, a 40-unit asset located in Covina, Calif.
Photos courtesy of The Grove