{"id":1577,"date":"2019-02-06T10:15:03","date_gmt":"2019-02-06T15:15:03","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1577"},"modified":"2019-02-06T09:58:14","modified_gmt":"2019-02-06T14:58:14","slug":"cushman-wakefield-negotiates-50m-sale-of-lakeland-multifamily-community","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2019\/02\/06\/cushman-wakefield-negotiates-50m-sale-of-lakeland-multifamily-community\/","title":{"rendered":"Cushman & Wakefield Negotiates $50M Sale of Lakeland Multifamily Community"},"content":{"rendered":"
\"The<\/a>
The Park at Palazzo (formerly Victoria Landing)<\/figcaption><\/figure>\n

Blue Roc Premier Obtained Victoria Landing from Mercury Investment and Has Rebranded the Property as The Park at Palazzo<\/em><\/strong><\/p>\n

LAKELAND, FL, February 4, 2019<\/strong> \u2014 Cushman & Wakefield<\/a> has negotiated the sale of Victoria Landing, a 352-unit multifamily community in Central Florida.<\/p>\n

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

The Park at Palazzo is a 12-building, 383,212-square-foot community developed in 2007 on \u00b124.0-acre site at 3685 Victoria Manor Drive<\/a>. 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The Park at Palazzo\u2019s location provides immediate access to Interstate 4 and is proximate to numerous area employers, retail centers and entertainment venues. The property\u2019s position midway between Tampa and Orlando also appeals to commuters working in these markets.<\/p>\n

\u201cThis 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,\u201d said Capas. \u201cFurther, there is potential for significant revenue enhancement through the completion unit upgrades.\u201d<\/p>\n

Cushman & Wakefield\u2019s Florida Multifamily Team, directed by Given, includes Capas, Elorza, Michael Mulkern<\/a>, Nick Meoli and Mike Donaldson in West-Central Florida; Jay Ballard<\/a> and Ken Delvillar<\/a> in Central Florida; Julie Bohn<\/a> in Jacksonville; and Zachary Sackley<\/a>, Troy Ballard<\/a>, Calum Weaver<\/a>, Errol Blumer<\/a>, Neal Victor<\/a>, James Quinn<\/a> and Perry Synanidis<\/a> in South Florida. Robert Kaplan<\/a>, Chris Lentz<\/a> and Mark Rutherford<\/a> facilitate debt, equity and structured finance for the team throughout Florida.<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

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\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

The Park at Palazzo Photo<\/a>
\nBrad Capas Headshot<\/a>
\nLuis Elorza Headshot<\/a>
\nRobert Given Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield has negotiated the sale of Victoria Landing, a 352-unit multifamily community in Central Florida.<\/p>\n","protected":false},"author":1,"featured_media":1557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2207,50,2203,1076,98,218,49,4,700,29,222,1075,2205,12,823,13,35,2206,2204],"class_list":["post-1577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-3685-victoria-manor-drive","tag-apartments","tag-blue-roc-premier","tag-brad-capas","tag-capital-markets","tag-central-florida","tag-commercial-real-estate","tag-cushman-wakefield","tag-disposition","tag-florida","tag-lakeland","tag-luis-elorza","tag-mercury-investment","tag-multifamily","tag-polk-county","tag-robert-given","tag-sale","tag-the-park-at-palazzo","tag-victoria-landing"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/01\/the-park-at-palazzo-victoria-landing-aerial.jpg?fit=3000%2C2248&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-pr","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1577"}],"version-history":[{"count":1,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1577\/revisions"}],"predecessor-version":[{"id":1578,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1577\/revisions\/1578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1557"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}