Triwest Grabs $71M Multifamily with Below-Market Rents in Land O’ Lakes
Rosewood Realty Group has arranged the $71-million ($281,000 per unit) sale of Lakes at Collier Commons, a 252-unit multi-family property 30 minutes north of Tampa in Land O’ Lakes, FL.
The 2004-constructed consists of 10 buildings along with pool, fitness center, parking, business center, spa, playground, clubhouse, volleyball court and pond.
Alan Soclof with Rosewood represented the buyer, Triwest Development. Michael Schattner and Jonathan Brody with Rosewood represented the seller, Primerica Group One, a Tampa real estate development firm that built the property. The deal was brought to Rosewood by Eric Rosenstock with Greystone.
“With a mix of large one-, two- and three-bedroom units averaging over 1,103 square feet 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.”
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