Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Colony Gardens, a 24-unit apartment property located in Plant City, Florida, according to David Bradley, regional manager of the firm’s Tampa office. The asset sold for $2,150,000.
Casey Babb, Luis Baez, Miles Tombrink 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.
“Despite the challenges brought on by the COVID-19 pandemic, we were able to maximize our client’s net proceeds by delivering a price per unit record in the Plant City submarket sub-100 units. We were able to accomplish this feat due to our process and experience managing multifamily transactions,” says Baez
Colony Gardens is a conventional 24-unit apartment community located in Plant City, Florida in Hillsborough County situated on 0.92 acres. The property consists of two, two-story buildings comprising of 24 two-bedroom/one-bathroom units each 756 square feet. Both buildings are 1980’s construction with wood frame and pitched shingle roofs. All tenants have washer/dryer hookups in-unit and access to off-street parking.
“Colony Gardens had recently undergone a major exterior renovation while only a handful of the interiors were recently renovated leaving the buyer significant upside to capitalize on by completing the value-add business plan” add Baez
Colony Gardens is located at 111 North Pearl Street in Plant City, Florida. Major points of interest near Colony Gardens include I-4 (1.12 miles), Downtown Plant City (0.47 miles) and Hillsborough Community College (1.95 miles). Major cities of interest amongst Colony Gardens tenants include Tampa (25 miles), Brandon (10 miles), Lakeland (11 miles) and Orlando (62 miles).