Robbins Property Associates Pays $30M for Multifamily Community in Brandon

Robbins Property Associates, a multifamily property investment firm based out of Tampa, acquired the 228-unit Lakeside Central apartments at 529 S. Parsons Ave. in Brandon, FL from The Collier Companies for $30 million, or about $132,000 per unit.

"This sale represents the premium pricing that can be achieved through a proven value-add initiative," says Ned Roberts, an associate in Marcus & Millichap’s Tampa office who helped represent the seller. "The buyer plans to build on the seller’s improvements with extensive common-area and unit-interior upgrades. This strategy is expected to increase a 5.4 percent trailing cap rate to more than 8 percent over a two-year period."

The Lakeside Apartment Homes were constructed in 1985, located directly across from Brandon Regional Hospital. The multifamily community totals 166,168 square feet, and offers a number of amenities including a swimming pool, clubhouse, fitness center, lakeside gazebo, grilling facilities, and basketball, tennis and racquetball courts.

Ned Roberts, Nicholas Meoli and Michael Donaldson of Marcus & Millichap represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4111626 for more information on this transaction.

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