LAKELAND, FL—Capstone Apartment Partners has arranged the $5,750,000 sale of two apartment communities located in Lakeland, FL. The 64-unit portfolio is comprised of Patio Homes and Lakewood Apartments, and both were 100% occupied at the time of closing.
Capstone represented the seller and procured the buyer, a Sebring-based investor. The buyer was attracted to the opportunity due to the explosive growth in the Lakeland area and number of incoming distribution centers along the I-4 corridor. They plan to renovate the interiors at both properties and make extensive capex improvements including new roofs and repaving parking lots.
Patio Homes is located off FL-37 with outstanding proximity to retail, dining, and entertainment. The 40-unit community was built in 1982 and features a swimming pool, sun deck, and attached garages.
Lakewood Apartments is located adjacent to Lake Hunter in Lakeland’s nostalgic Dixieland neighborhood. The 24-unit community was constructed in 1978.
The Capstone Apartment Partners transaction team was led by Jad Richa, Tom Huffsmith, and Brian Hunsicker.
“The transaction of Patio Homes and Lakewood Apartments is a major win, not just for our buyer and seller, but for Lakeland as a whole. With the current economic climate, this sale illustrates the attractiveness of Lakeland multi-family investments. All parties worked tirelessly to navigate the successful transaction in these complex times,” said Richa.