Florida apartments snapped up for investment

Units range from tiny to spacious

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Marcus & Millichap negotiated the sale of Martin's Landing, a 236-unit apartment complex in Lakeland, Fla. The value of the transaction was approximately $12.8 million. Built in 1975, Martin's Landing is located at 3520 Cleveland Heights. The property is located directly on Lake John and is adjacent to Cleveland Heights Country Club. The apartment community is situated on 13.5 acres and offers 207,608 rentable square feet. The unit mix consists of 32 efficiency apartments, 60 one-bedroom units, 100 two-bedroom units and 44 three-bedroom units. Floor plans range in size from 380 square feet to 1,550 square feet. Common amenities include a clubhouse with a fitness center, a private boat ramp, two large swimming pools, car wash area, boat storage area and lighted sports courts. Martin's Landing Association Ltd. sold the property to RSG-Lakeland Properties LLC. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your...