LAKELAND, FL—New York City-based Topaz Capital Group LLC has acquired 96-unit property, Autumnwood Apartments, in the sought-after market of Lakeland, Florida. The deal was brokered successfully by Senior Director, Zachary Ames, and his team at Franklin Street. The debt was arranged by Managing Director, Josh Messier at LUMENT.
Autumnwood is located at 1776 Harden Blvd Office, Lakeland, FL 33803, 3 miles Southwest of downtown Lakeland. Constructed in 1986, the property consists of 18 single story sun-filled buildings and is situated in the heart of Lakelands’ booming economic boom which includes Publix’s and Amazon’s rapidly expanding cargo and warehouse facilities.
The one-bedroom apartments include in-unit amenities such as stainless-steel appliances, granite countertops, and modern lighting fixtures. Community-wide amenities include a resort-style swimming pool, outdoor dining areas with barbeque pits, and a laundry facility.
“We are excited to expand our footprint into the 1-4 corridor and greater Tampa / Lakeland markets with the acquisition of Topaz Retreat Lakeland. TOPAZ is committed to providing high-quality affordable living throughout Florida with our strategic partners,” said Jared Isaac, Senior Associate at Topaz Capital Group LLC.
TOPAZ plans to invest roughly $1 million to upgrade the property and is in the process of rebranding it as Topaz Retreat Apartments Lakeland which will be a sister community to its existing Florida properties. Upgrades will include adding a leasing office, a state-of-the-art fitness facility, and updating all interiors and common areas, including pools and recreational areas. The seller was not disclosed.
About Topaz: TOPAZ Capital Group LLC is a vertically integrated multifamily real estate investment platform serving as the parent company for a group of operating subsidiaries, investment partnerships, funds, and ventures. The TOPAZ platform has a nationwide presence, a reputation for excellence and has become a “best in class” multifamily real estate sponsor, investor, owner, partner, capital provider and developer. TOPAZ is setting the bar with transactional quality, multifamily strategies, investment returns, client services and industry impact focused on the Southeast. Explosive growth and thriving domestic and foreign relationships have provided TOPAZ with the ability to thrive on the leading edge of multifamily real estate investment and impact the multifamily real estate investment space in an exciting way.