LADY LAKE, Fla., March 25, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Old Dixie Portfolio, a 30-unit rental townhome community and 7,500-square foot commercial property located in Lady Lake, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $3,100,000.
Casey Babb, CCIM, Ryan Wooden, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Casey Babb, CCIM, Ryan Wooden, Luis Baez, CCIM and Shawn Rupp.
“This offering was marketed in Q4 2019 and received numerous offers from both Florida and out-of-state investors. In spite of the recent COVID-19 business disruptions, the transaction was able to close last week at the contract price and without any issues,” stated Casey Babb, CCIM.
Ryan Wooden added, “the Seller was retiring after owning the property for nearly 14 years and the Buyer is adding to a growing Central Florida apartment portfolio. His plan is to execute on a value-add plan to update unit interiors, curb appeal and common areas and we believe he will be very successful with that business plan.”
Old Dixie Portfolio is located at 102 South Old Dixie Highway in Lady Lake, Fla. The mixed-used community consists of 30-unit rental townhomes (Christine’s Place) and a 7,500 square foot (seven space) commercial building (Chelsea Plaza) in fast-growing Lady Lake, Fla. The mixed-use community is adjacent to The Villages, one of the fastest-growing master-planned communities in the United States.
Christine’s Place Townhomes consists of seven, two-story concrete block buildings with pitched shingle roofs and is situated on a gently-sloped 2.13-acre site with surface parking lots, abundant green-space and mature oak trees. Built in 1997, the buildings house thirty (30) rental townhome units which are a mix of large two and three-bedroom floorplans which average 1,192 square feet and feature front porches and back patios, fully-appointed kitchens and baths, in-unit stacked washer and dryers, ceiling fans, paneled doors throughout, hard-surface tile flooring in the living and wet areas and carpet in the upstairs bedrooms, large closets, digital thermostats, central HVAC and half baths downstairs off of the kitchen area. Residents enjoy proximity to shopping, dining, retail services and jobs in Leesburg, Lady Lake, Fruitland Park, and The Villages. The Villages alone supports an employment base of nearly 30,000 people and there are less than 500 conventional apartment units in the local area.
Chelsea Plaza is a 7,500 square foot, single-story, commercial strip plaza that is contiguous to Christine’s Place Townhomes on its eastern boundary. This seven-space plaza was built in 1999 of concrete-block construction and pitched shingle roofs and is situated on a 1.43-acre parcel with a surface parking lot and mature landscaping. Commercial tenants are mostly on personally-guaranteed, one-year, modified-gross leases with multiple one-year renewal options with 10% escalators and include a combination of medical, professional and technology type tenants catering to the abundant population in The Villages which is very close by and encroaching on three sides.