The Real Deal Miami

SW Florida rental complex fetches $76.1M

Northland Investment Corp. paid about $211,000 per unit for a 360-unit apartment complex in Lakewood Ranch
November 12, 2017 12:00PM

Echo Lake Apartments in Lakewood Ranch

A Massachusetts-based company paid $76.1 million for a 360-unit apartment complex in Lakewood Ranch that opened last year.

Northland Investment Corp. of Newton, Massachusetts, bought the Echo Lake Apartments for about $211,000 per unit.

Echo Lake, which opened in September 2016, has apartments with one, two and three bedrooms. Monthly rents range from $1,235 to $1,645.

Northland bought the apartment complex at 11502 Echo Lake Circle from Tri of Lakewood Ranch Apartments LLC, which has addresses in Cocoa Beach and Milwaukee.

Northland owns more than 30 properties in Florida including Greentree, an apartment complex at 5201 North Dixie Highway in Fort Lauderdale, and Village Place, a garden-style apartment community at 2111 Brandywine Road in West Palm Beach. [Bradenton Herald] — Mike Seemuth