Joint venture dumps new multifamily property

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Marcus & Millichap negotiated the sale of the newly constructed Lakes at Viera East Apartments in Viera, Fla. The value of the transaction was $18.15 million. A Tampa, Fla., investment partnership sold the property to an Amherst, N.Y.-based investment group. The Lakes at Viera East is located at 1707 Sophias Drive. The class A property includes 200 garden-style units. The unit mix includes 72 one-bedroom, 88 two-bedroom and 40 three-bedroom floor plans, which range in size from 770 to 1,355 square feet. The property features a pool with cabana bar, fitness center, auto-care center, putting green, barbecue and picnic area, and RV storage. Occupancy was 91 percent at the time sale. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to