Marcus & Millichap has brokered the sale of Griffin Park, a 178-unit community in Lakeland, Fla. A private investor purchased the Class C asset for $17.5 million for a 1031 exchange. According to Yardi Matrix data, Michaelson Group sold the property after almost four years of ownership. Shawn Rupp, Casey Babb and Luis Baez, with the firm’s Tampa office, secured and represented the buyer in the deal.
The community at 1013 Griffin Road has two four-story buildings developed on 6.5 acres in 1975, Yardi Matrix shows, with one- and two-bedroom apartments ranging from 510 to 960 square feet. The property, renovated in 2015, has amenities including a fitness center, playground, swimming pool, and pet park.
Griffin Park is 4 miles north of downtown Lakeland, close to the intersection of U.S. Route 98 and Interstate 4. The community is near regional economic drivers such as Lakeland Regional Medical Center and Publix Supermarket Headquarters. The neighborhood has a variety of dining and shopping options, and the Lakeland Square Mall is less than 2 miles north.