Cushman & Wakefield Negotiates $50M Sale of Lakeland Multifamily Community

The Park at Palazzo (formerly Victoria Landing)
The Park at Palazzo (formerly Victoria Landing)

Blue Roc Premier Obtained Victoria Landing from Mercury Investment and Has Rebranded the Property as The Park at Palazzo

LAKELAND, FL, February 4, 2019Cushman & Wakefield has negotiated the sale of Victoria Landing, a 352-unit multifamily community in Central Florida.

Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield’s Florida Multifamily Group represented Duluth, MN-based Mercury Investment in the disposition. Tampa-based property management company Blue Roc Premier obtained the property for $50 million ($142,045 per unit) and has rebranded it as The Park at Palazzo.

The Park at Palazzo is a 12-building, 383,212-square-foot community developed in 2007 on ±24.0-acre site at 3685 Victoria Manor Drive. The property features one-, two- and three-bedroom floor plans with an average size of 1,089 square feet and an average market rent of $1,376 ($1.51 per square foot). The garden-style asset was 98% leased at the time of sale.

Units at The Park at Palazzo feature walk-in closets; full-size washers and dryers; security alarms; nine-foot ceilings; garden tubs; ceramic tile in all wet areas; linen closets; ceiling fans in all bedrooms; built-in computer desks and side-by-side refrigerators. Select units offer detached garages, microwaves, dens and walk-in showers.

Community amenities include a resort-style swimming pool featuring a hot tub, cabanas and a tiki bar; an athletic facility; a business center; gated access; a sand volleyball court; a car care facility; a gaming room with a billiards table; a playground; indoor basketball and racquetball courts; a yoga/meditation room; two dog parks and a pet washing station; a hammock pavilion; picnic areas with grills and indoor bike racks.

The Park at Palazzo’s location provides immediate access to Interstate 4 and is proximate to numerous area employers, retail centers and entertainment venues. The property’s position midway between Tampa and Orlando also appeals to commuters working in these markets.

“This listing offered investors the opportunity to acquire a well-positioned multifamily community appealing to a large pool of potential residents in three major Florida growth markets,” said Capas. “Further, there is potential for significant revenue enhancement through the completion unit upgrades.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Capas, Elorza, Michael Mulkern, Nick Meoli and Mike Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Julie Bohn in Jacksonville; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Assets

The Park at Palazzo Photo
Brad Capas Headshot
Luis Elorza Headshot
Robert Given Headshot