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

TRD 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
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
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
AHS Residential Ernesto Lopes and AHS Residential Tamiami (Credit: AHS)

AHS Residential scores $33M construction loan for Kendall apartment complex

AHS Residential scores $33M construction loan for Kendall apartment complex
AHS Residential’s Ernesto Lopes (Credit: D Ramey Logan/Wikipedia)

AHS Residential scores $34M loan for apartment project near West Palm

AHS Residential scores $34M loan for apartment project near West Palm
arrow_forward_ios

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

Loading...