Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Lafayette, a 36-unit apartment property located in Mayo, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,738,000.
Casey Babb, CCIM, Michael C. Steiner, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Casey Babb, CCIM, Michael C. Steiner, Luis Baez, CCIM and Shawn Rupp.
“This was a complex affordable housing transaction which required us to navigate through both HUD and the USDA and the government shutdown at the end of 2018. In the end, our marketing effort sourced a perfect fit for the asset and we closed without ever falling out of contract,” said Casey Babb. “At this point in the cycle, many Buyers are fleeing the comforts of major markets in search of higher yields. This property was in a very small Northern Florida market, but the Buyer was able to achieve an 8 percent cap and a double-digit cash-on-cash return day one,” added Mike Steiner.
Lafayette is located at 176 SE Land Avenue in Mayo, Fla. Originally built in 1982, Lafayette has been well maintained under the current ownership. This boutique-sized community consists of nine single-story, concrete-block buildings with exterior brick and wood siding and pitched-shingle roofs on a spacious four-acre site. The property features a concrete driveway and parking lot, mature landscaping and a playground for families with young children. Lafayette boasts an attractive unit mix of one, two, and three-bedrooms. The one-bedrooms are 744 square feet and rent for $693 per month on average. The two-bedrooms are 885 square feet and rent for $799 per month on average. The three-bedrooms are 1,080 square feet and rent for $897 per month on average. All units feature spacious, single-story layouts with semi-private front patios and fully appointed kitchens and baths.
About Marcus & Millichap
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.