Marcus & Millichap negotiated the sale of the 461-unit Jasmine at Clearwater Apartments in Clearwater, Fla. The value of the transaction was $24 million. Newport Beach, Calif.-based Lyon Management sold the property to a Chicago partnership. Jasmine at Clearwater is located at 6550 150th Ave. North. The sale includes 371,604 rentable square feet on 36 acres. The property was constructed in 1985 with a unit mix comprised of 93 studios, 156 one-bedroom and 212 two-bedroom apartments, ranging in size from 539 to 973 square feet. Jasmine at Clearwater includes lighted tennis courts, racquetball courts, two clubhouses with a fitness center, two lakeside swimming pools, basketball and sand volleyball courts. Occupancy was 92.5 percent at the time of sale. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to email@example.com....
by Bernice Ross | Aug 7
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