CBRE Arranges $240 Million Sale of 14-Property Multifamily Portfolio in Florida

CBRE has arranged the $240 million sale of a 14-property multifamily portfolio totaling 2,384 units across Florida. This sale marks the highest dollar volume transaction in Central, Southwest, and North Florida's history.

Michael Regan and Frank Carriera of CBRE represented both the seller, Amzak Capital Management, and the buyers, NorthEnd Equities and Motti Schapira, in the transaction.

The portfolio includes:

• Lakeland Manor, 929 North Gilmore Avenue in Lakeland, 376 units
• Kings Trail, 3770 Toledo Road in Jacksonville, 320 units
• Bella Mar, 12406 North 15th Street in Tampa, 264 units
• Rolling Hills, 5402 Pine Chase Drive in Orlando, 240 units
• Timber Falls, 2600 East 113th Avenue in Tampa, 184 units
• Jacksonville Heights, 8050 103rd Street in Jacksonville, 173 units
• Del Rio, 5013 East Sligh Avenue in Tampa, 160 units
• Tanglewood, 2811 Ruleme Street 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 Street in Sarasota, 119 units
• Brandywyne, 418 SE 19th Street 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

The properties were built between the 1970s and 1990s. The entire portfolio consists of approximately 2 million square feet with an average unit size of 833-square-feet.

“This off-market transaction highlights the continued demand for low basis value-add multifamily properties throughout Florida,” said Michael Regan, an executive vice president with CBRE in Tampa. “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.”