Imperial Crown Apts Sell for $6.9M

Imperial Crown Apts Sell for $6.9M

By Armaan Khatami

Imperial Crown, Inc. sold the 173-unit Imperial Crown Apartments at 1013 Griffin Rd. in Lakeland, FL to Mallah Enterprises for $6.85 million, or about $40,000 per unit.

The 118,812-square-foot multifamily property was built in 1975 on 6.6 acres in the Polk County submarket of Tampa. It consists of two four-story buildings totaling 105 one-bedroom and 68 two-bedroom units with asking rents between $540 and $740 per month, and features on-site laundry facilities, fitness center, clubhouse, volleyball and shuffleboard courts, game room, playground, and a swimming pool.

Francesco Carriera and Michael Regan with Marcus & Millichap represented both the buyer and seller in the sale.

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