The buyer understands these markets well. Furthermore, both properties were performing well and offer near term rent growth potential.” “This central location is appealing to residents who travel to both markets for work or otherwise enjoy the desirable suburban lifestyle these communities have to offer. “We overcame this challenge by emphasizing their strategic location midway between two major metro areas”, Capas said. With many investors focused on major markets such as Tampa and Orlando, it is challenging to attract buyers to pursue deals in these smaller markets, according to Capas. “ Plant City and Lakeland are small markets considered by some investors ‘tertiary,’” said Brad Capas, executive director of Cushman & Wakefield’s Florida Multifamily Group, told MHN. One of the primary challenges facing the Cushman & Wakefield team was the comparatively small size of the Lakeland and Plant City markets. “ By adding Ariva and selling the properties as a Central Florida portfolio, we were able to attract interest from a multifamily investor targeting larger transactions in Florida.” Overcoming hurdles “ Since Lakehouse was a smaller property, only 125 units, we faced a more limited market for likely buyers,” said Cushman & Wakefield executive director Luis Elorza. Residents can readily commute to Tampa, Orlando and Lakeland-Winter Haven. Lakehouse Luxury Apartment Homes offers access to Interstate 4 at two nearby interchanges. The location of the property puts residents within access to retail, dining, employment and nightlife. Access to Tampa and Orlandoīecause both Tampa and Orlando are within a one-hour drive of Century Ariva Apartments, the property caters to commuters working in either market. The asset was 98 percent leased at the time of sale. This property features one-, two- and three-bedroom apartments, with the average unit size 989 square feet and the average market rent $1,160. Lakehouse Luxury Apartment Homes was constructed in 2015 next to an approximately 20-acre lake on a 28-acre site at 3003 South Frontage Road in Plant City. The community was acquired for $18 million or $144,000 per unit by Centennial Holding Co. The property was 99 percent leased at the time of sale.Įlorza, Capas and Given also arranged the sale of the 125-unit Lakehouse Luxury Apartment Homes on behalf of Lakeside Garden of Plant City, LLC. The average unit size is 1,119 square feet, and the average market rent $1,282. Developed two years ago on a 40-acre site, Century Ariva provides a blend of one-, two- and three-bedroom units. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield’s Florida Multifamily Group represented Highland City Gardens, LLC in the sale of the 312-unit Century Ariva Apartments, located at 5190 Ariva Blvd., to Atlanta, Ga.-based Centennial Holding Co. Both properties are situated between Tampa and Orlando, Fla. Cushman & Wakefield’s Florida Multifamily Group has negotiated the $72.6 million sale of two Florida apartment communities-Century Ariva Apartments in Lakeland, and Lakehouse Luxury Apartment Homes in nearby Plant City.
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