Marcus & Millichap brokers sale of Central Florida condominium property for $31.5 million

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Grenelefe
Marcus & Millichap announced the sale of 417 parcels of the 781-unit condominium property within the Grenelefe Golf and Tennis Resort in Haines City, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 417 parcels of the 781-unit condominium property within the Grenelefe Golf and Tennis Resort in Polk County, Haines City, Florida. The assets sold for $31.5 million, or $90,000 per unit.

“This transaction serves as a great representation of the increased demand level for apartment product in Polk County, especially given the sale’s complexities, which included the negotiation of the seller’s divestment of the condominiums via contract position sale,” said Adam Podbelski, first vice president investments in Marcus & Millichap’s Tampa office. “The acquisition gives the buyer majority ownership and upside via unit interior renovations and subsequent operation as market-rate apartments or disposition via individual unit sales. The new owner will gain majority control of the 18 homeowners associations and the seller will retain developer rights,” Podbelski continued. “The seller plans to construct 2,500 single-family homes and a grocery-anchored shopping center within the community.” Podbelski, along with Marcus & Millichap’s Jason Hague, Ned Roberts, Nathan Coe, and Janelle Vellucci represented the seller, Grenelefe Resort Development LLC and procured the purchaser, Yossi Edelkopf and Joseph Schechter of Alya Equities. Ryan Nee, first vice president and district manager, is Marcus & Millichap’s broker of record in the state of Florida.

The asset is minutes from Interstate 4 and within commuting distance of Lakeland and Walt Disney World Resort. Polk County is home to the Legoland Resort and Publix Supermarket’s headquarters. Other major private employers in the area include BayCare Medical Group, CSX, Geico and Amazon. Built in 1980, residents have Grenelefe Golf and Tennis Resort club memberships and access to a swimming pool, jacuzzi, lounge, clubhouse, and tennis courts. Many of the units are two- and three-bedrooms with large floorplans.