A Davenport real estate company that is active in multifamily projects throughout Florida has sold one of its signature properties to a like-minded real estate firm based out of Illinois.
Investors Realty sold the Village at Lake Highland, a 320-unit community in Lakeland, to Providence Real Estate of Glenview, Ill. for $51.6 million.
Representing the seller were Cole Whitaker, Jason Stanton, Mary Beale, David Etchison and Greg Rainey of Berkadia, which specializes in investment sales, mortgage banking and loan servicing.
Investors Realty owned the complex for 15 years.
“We had held it for quite a while,” said John Marling, chairman of the Davenport company. “It just became time to sell it.”
The average size of a Village at Lake Highland apartment is 998 square feet, with average rents at $1,213 a month. It was built in 2001.
There are one-, two- and three-bedroom units with features including walk-in closets, fully equipped kitchen, washers/dryers, and oversized balconies, patios and windows. The complex has a gated entrance, swimming pool, tennis and basketball courts, a fitness center, playgrounds, dog park and detached garages.
Investors Realty is a boutique real estate investment and advisory company that acquires, develops, markets and manages properties for domestic and international clients as well as its own accounts.
“Some of these (complexes) are build-lease-manage-sell, and some of them you hold longer depending on the partnership and your objectives,” Marling told GrowthSpotter. “It was a real good time to sell.”
Investors Realty has acquired, planned, developed, bought and sold more than $900 million worth of multifamily and mixed-use projects in the eastern United States, with a concentration in the Chicago area and Florida.
In January, it sold The Gate apartments in downtown ChampionsGate village for $65 million to Bluerock Real Estate of New York. In 2018 the company completed The Avenue apartments in Lakeland.
Investors Realty now has a $50 million Class A apartment complex under construction adjacent to Osceola County’s massive NeoCity mixed-use district, and recently finished the Lola Apartments in Riverview, southeast of Tampa. That complex is 75 percent leased.
Providence Real Estate acquires apartment communities in infill suburban locations, targeting middle-income families. It has properties in Palm Harbor, Pensacola, Orlando, Largo, Tallahassee, Tampa, Brandon and now Lakeland in Florida; and is also in Charlotte, N.C.; Mobile and Birmingham, Ala.; and Marietta and McDonough, Ga.