Equity Management Partners sold LeMans, a 198-unit garden-style residential project in Lakeland, Florida, for $16.3m. The 28-building property, located approximately 8 miles from Lakeland Linder International Airport, is in close proximity to the Amazon fulfillment center and Publix Grocery warehouse. Trading for just under $82,325 per unit, the asset changed hands at a 5.8-percent cap rate. LeMans went up in phases between 1988 and 2002 and comprises a mix of studios and one- and two-bedroom units, averaging 635 sq ft. Marcus & Millichap worked on behalf of the seller and secured the buyer, a limited liability company.
