By Alexandra Pacurar, Associate Editor
Plant City, Fla.–Walden Landing, a 44-unit apartment community in Plant City, Fla., was sold to a private investor for $2.57 million. The move only comes to confirm the growing interest for secondary and tertiary markets.
The apartment property at 305 W. Grant St., between Tampa and Lakeland, is made up of three buildings totaling over 3,000 square feet of rental space. Walden Landing includes one, two and three-bedroom apartments, most of which have washer/dryer hook-ups. Common amenities include a swimming pool, a laundry room and an on-site leasing center.
Marcus & Millichap’s Tampa office secured the deal. “The sale of Walden Landing further solidifies the movement of capital into secondary and tertiary markets to achieve greater yield”, Michael Donaldson, vice president of Investments in Marcus & Millichap’s Tampa office, said in a statement.
The community’s unit mix, good location and possibility to push rents higher have been the key aspects that attracted the buyer. According to data collected by Yardi Matrix, almost two-thirds of the Tampa-St. Petersburg metro submarkets have experienced rent-growth of 6 percent or more. The demand for multifamily has been constantly increasing in the area, generated by population growth and strong job creation.
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