Florida apartment portfolio sells for $240 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 9, 2022

A portfolio of 14 apartment properties throughout Central, Southwest and North Florida has sold for $240 million.

The portfolio totals 2,384 units; four of the properties are in Tampa. Two Tampa-based CBRE brokers, Michael Regan and Frank Carriera, represented both the seller, Amzak Capital Management, and the buyers, NorthEnd Equities and Motti Schapira, in the transaction.

The following properties are included in the portfolio:

Lakeland Manor, 929 North Gilmore Ave. in Lakeland, 376 units

Kings Trail, 3770 Toledo Road in Jacksonville, 320 units

Bella Mar, 12406 North 15th St. in Tampa, 264 units

Rolling Hills, 5402 Pine Chase Drive in Orlando, 240 units

Timber Falls, 2600 East 113th Ave. in Tampa, 184 units

Jacksonville Heights, 8050 103rd St. in Jacksonville, 173 units

Del Rio, 5013 East Sligh Ave. in Tampa, 160 units

Tanglewood, 2811 Ruleme St. in Eustis, 138 units

Mount Dora, 3001 Northland Road in Mount Dora, 132 units

Lago Bello, 13533 Gragston Circle in Tampa, 120 units

North Washington, 1877 19th St. in Sarasota, 119 units

Brandywyne, 418 SE 19th St. in Winter Haven, 81 units

The Landings, 102 Landings Way in Winter Haven, 60 units

Country Place, 3950 Country Place in Winter Haven, 18 units

“This sale marks the highest dollar volume transaction in Central, Southwest and North Florida’s history,” according to CBRE. The average unit size is 877 square feet, and the properties in the portfolio were built between the 1970s and 1990s.

“This off-market transaction highlights the continued demand for low basis value-add multifamily properties throughout Florida,” Regan, an executive vice president with CBRE in Tampa, said in a statement. “Capital continues to flow into Central and North Florida from out-of-state buyers looking to scale in one of the fastest-growing states in the nation.”