Value-Add Property in Plant City has 276,500 Rentable SF, 352 Units
TAMPA, FL, April 26, 2018 – Cushman & Wakefield has negotiated the sale of Plantation at Walden Lake, a 352-unit garden apartment community in Plant City, Florida, about 25 miles east of Tampa. The 23-building property is 95 percent leased and sold for $35.7 million.
Senior Director Luis Elorza, Senior Director Brad Capas and Vice Chairman Robert Given, with Cushman & Wakefield’s Florida Multifamily Team, represented national real estate investment group Mercury Investment in the disposition of the property. The buyer is Bridge Investment Group, a privately held real estate investment and property management firm with multifamily and office assets throughout the United States.
Plantation at Walden Lake was constructed in phases from 1990 to 1994, and offers a mix of well-appointed one-, two- and three-bedroom apartments. The property has 716 surface parking spaces. Amenities include a swimming pool, fitness center, dog park, playground and picnic and barbecue area.
Over the last three years, Mercury Investment implemented a multi-million dollar capital improvement program that included enhancements to the community’s pool and other shared amenities, as well interior upgrades. The remaining unrenovated units present a significant value-add opportunity for the buyer.
“Plantation at Walden Lake’s strong occupancy and potential for further renovation make it an extraordinary value-add opportunity,” said Elorza. “Renovating the remaining units will help the property compete with newer communities nearby, and will significantly enhance revenue.”
The property sits on 43 acres at 1400 Plantation Blvd. The location provides a convenient commute to job centers along the Interstate 75 corridor, including Lakeland and Brandon. It is situated approximately two miles south of the Downtown Plant City Historic District, which has an array of shops and dining options.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and include Elorza and Capas in West-Central Florida; Zachary Sackley, Troy Ballard, James Quinn, Neal Victor, Calum Weaver and Errol Blumer in South Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida