Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Amberwood Hills Apartments in Lake City, Florida. The 101-unit apartment complex sold for $7,310,000.
“Even in a small market like Lake City, we were able to find a buyer willing to assume a sub 50 percent LTV loan which indicates that demand is still high for multifamily throughout Florida,” said Duane Anderson, senior associate out of the Orlando office. “The New York-based buyer was excited by the price-per-door and the opportunity to add value to a property showing good signs of rent growth.”
Anderson, Jason Hauge, Ned Roberts, and Sebastian Harris, investment specialists in Marcus & Millichap’s Tampa and Orlando offices, had the exclusive listing to market the property on behalf of the seller, Amberwood Hills Apts, LLC. The buyer, Crescent Sky Capital, was also procured by Anderson, Hague, Roberts, and Harris.
Amberwood Hills Apartments is located at 612 and 738 Southwest Amberwood Loop and is situated on a 6.89-acre lot. Built in 1981 and 1986, the 14-building property features a combination of one-bathroom/one-bedroom and two-bedroom/one-bathroom units ranging in size from 400 to 1,000 square feet.