Topaz Capital Group, LLC has acquired The Caroline Apartments, new 228-unit, Class A multifamily property for $68,115,000 in Lakeland, FL, for $68.1. million. The property’s developer The Latigo Group, was the seller.

Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq represented the buyer. Debt was arranged by Abe Hirsch and Zev Karpel at Meridian Capital Group, and the fixed-rate loan was provided by First Foundation Bank.

The transaction marks Topaz Capital Group, LLC’s 13th multifamily acquisition in FL and brings the company’s multifamily acquisition and development portfolio to $400 million across 2,700 units.

“Topaz Capital Group, LLC is incredibly bullish on acquiring multifamily properties in high-growth MSA’s across the State of FL until we become a more dominant player in the market,” said Marc Hershberg of Topaz Capital Group, LLC.

Topaz Capital Group, LLC, a multifamily-centric real estate holdings company, aims to expand its portfolio to over half a billion dollars by Q2 of 2023.