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

TRD MIAMI /
Nov.November 12, 2017 12:00 PM

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

 

Related Articles

arrow_forward_ios

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

Virgin Trains may announce 3 new train station sites in South Florida by year-end

arrow_forward_ios