1776 Harden Blvd Office,
Lakeland, FL 33803
Acquired in Mid 2021
TOPAZ acquired this property with the same syndicate of domestic and international UHNWI and Family Offices partners in Q1-2021. The deal was structured with staggered hold periods with nuanced exit strategies; tiered and complementary renovation programs, thoughtful and diligent business plans to optimize returns. The debt and ownership structures were tailored to suit LP regulatory, tax and investment objectives. Flexibility in operating agreements accommodates our LP investor’s tax sensitivities and reporting requirements.
Property Website: Coming Soon
Number of Units: 96 Units
About Topaz Retreat
In addition to interior renovations, a key business objective create new amenities that are expected from this quality property. Creating these essential amenities will modernize the property and allow Topaz Retreat to be a leader amongst the other top rental communities in the submarket. The exceptional amenity package along with the incremental revenue from tiered unit interior and exterior upgrades will be significantly accretive to the property’s market value.
- Acquired for $10.625M after several rounds of negotiations with prior ownership
- Located in Lakeland, Florida, along the I-4 industrial and commercial corridor, and a market dominated by high profile employers (I.e. Amazon and Publix) as well as leading local and regional educational institutions
- Opportunity to purchase a low-risk and stabilized asset in the ever-growing city of Lakeland, FL feeding off the booming Tampa and Orlando MSA’s.
- Repositioning the property by doing premium upgrades and renovations to the interiors and exteriors of the property per Topaz HQ Living Standards.
- Due to Topaz’s thorough due diligence of the market, we learned that rents were well below market and have been successful at raising rents by approximately $200+/- per unit immediately post-closing.