A 12-year-old apartment complex with a 98% occupancy rate sells for $50M

Tampa-based Blue Roc Premier is the new owner of the 12-building complex with monthly rents averaging $1,376

Miami /
Feb.February 10, 2019 03:30 PM

The Park at Palazzo in Lakeland, formerly known as Victoria Landing

A 352-unit apartment complex in Lakeland sold for $50 million or $142,045 per unit.

Developed in 2007, the Victoria Landing apartment complex is a 12-building complex on a 24-acre site.

The garden-style rental property has one-, two- and three-bedroom apartments with an average size of 1,089 square feet and an average monthly rent of $1,376.

The apartments have walk-in closets, walk-in showers, full-size washers and dryers and ceiling fans in all bedrooms, among other interior features.

Common-area amenities include a swimming pool with cabanas and a hot tub, a gym, a sand volleyball court, indoor basketball and racquetball courts, a yoga room, two dog parks and a pet-washing station.

At the time of the sale, tenants had leased 98 percent of the apartments at Victoria Landing, located at 3685 Victoria Manor Drive in Lakeland.

The new owner, Tampa-based property management company Blue Roc Premier, renamed the property The Park at Palazzo after buying it from Duluth, Minnesota-based Mercury Investment.

Mercury was represented in the disposition by members of the Florida Multifamily Group of brokerage firm Cushman & Wakefield, including Brad Capas, Luis Elorza and Robert Given. – Mike Seemuth


Related Articles

arrow_forward_ios
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park
Oakland Park developer partners with former Link Real Estate exec on new firm
Oakland Park developer partners with former Link Real Estate exec on new firm
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Renderings of the project (Group P6)
Group P6 lands $69M construction loan for Boca Raton project
Group P6 lands $69M construction loan for Boca Raton project
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)
Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Jeff Burns, Nick Rojo, The Bohemian Lake Worth
Affiliated Development’s Lake Worth Beach apartment project approved
Affiliated Development’s Lake Worth Beach apartment project approved
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...