New York City-based brokerage firm Rosewood Realty Group has arranged the sale of The Lakes at Collier Commons, a 252-unit multi-family property, located in “Land O’ Lakes”, FL for $71 million.
Rosewood Realty Group’s Alan Soclof represented the buyer, Triwest Development, a multifamily investment company in El Segundo, Ca. and Michael Schattner and Jonathan Brody represented the seller, Primerica Group One, a local Tampa real estate development firm who built the property.
The apartment community is located in an affluent suburb of Tampa featuring exceptional demographics and strong schools located just 30-minutes north of downtown Tampa.
The Lakes at Collier Commons, (22743 Preakness Blvd.) was built in 2004 and consists of 10 buildings and over two hundred thousand square feet. The average unit size is over 1,100 SF and sold for approximately $281,000 per unit.
The development features pool, fitness center, parking, business center, spa, playground, clubhouse, volleyball court and pond.
“With a mix of large one, two and three bedroom units averaging over 1,103 sq. ft. and the approximate $600 below market rents in one of the fastest growing markets in the country, this is a great buy,” said Soclof. “Triwest identified the immediate upside and below market rents in this strong submarket of Tampa and acted quickly on the acquisition.”
The Property went under contract in January and closed 90 days later in a smooth transaction for both buyer and seller.
“The Lakes at Collier Commons was financed a year ago by Eric Rosenstock, Managing Director at Greystone” added Schattner. “Given the recent correspondent relationship between Greystone and Rosewood Realty Group, Mr. Rosenstock reached out to us to execute on a sale.”