Capstone Brokers $8.6M 29.3-Acre Development Project in Lakeland, FL

LAKELAND, FL—Capstone Companies has brokered the $8.6M off-market sale of a multifamily development project along Airport Rd in Lakeland, FL. The shovel-ready, 29.3-acre site is slated for 300 multifamily units and was sold by Lindell Investments to Village Capital Corporation, an affiliate of the Pedcor Companies. The Pedcor Companies have been in the business of multifamily development, construction, and management since 1987. Today, the Pedcor Companies have developed more than 28,000 units across 23 states, including Florida.

“The Capstone team was able to secure the perfect buyer for this site that would be able to successfully execute our vision of providing a quality housing option in an A+ location, directly across from one of the top employment drivers in Central Florida,” said Mark Stroud, COO of Lindell Investments.

Capstone Companies’ Managing Director, Jad Richa, and Senior Advisor, Brian Hunsicker, facilitated the sale. “Our strong relationship with both Lindell Investments and Village Capital Corporation allowed us to create the perfect passing of the baton to complete what we believe will be a best-in-class project in the Lakeland market. Ultimately, this was a very seamless transaction within the context of an extremely challenging market,” Richa said.

The development site, currently called Parkway Preserve, is located directly across from Publix HQ and 1.5 miles from Lakeland Linder International Airport, along with excellent accessibility to all the demand drivers Lakeland has to offer.

Media Contact:
Jaclyn Chapman
Director of Strategic Marketing Communications

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