Florida apartments undergo 1031 exchange

Property includes private lakes

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Marcus & Millichap brokered the sale of Swan Lake Apartments in Tampa, Fla. The 244-unit community commanded a sales price of $12.25 million. A Florida-based private investor acquired the asset in a 1031 exchange with the seller, a Florida-based investment group. Swan Lake Apartments is located at 3401 N. Lakeview Drive, in the Carrollwood neighborhood of Tampa. The class B+ property includes 170,268 rentable square feet on 14.5 acres with several inland lakes. The community was originally constructed in 1982 and recently extensively refurbished. The unit mix consists of 32 studio, 112 one-bedroom and 100 two-bedroom apartment homes, ranging in size from 450 to 903 square feet. At the time of sale, occupancy was 96 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....