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May. 17, 2013

Redwood Capital Group Grabs Largo Multifamily Complex for $17M

By Georgiana Mihaila, Associate Editor

Redwood Capital Group has recently added 304 units to its growing multifamily portfolio with the purchase of a 304-unit multifamily complex in the central Pinellas County city of Largo.

Jamie B. May with Institutional Property Advisors—the multifamily brokerage division of Marcus & Millichap—mediated the Landmark at Largo Crossing deal on behalf of the owner, a joint venture between Landmark Residential and Brookfield Real Estate Opportunity Fund. Buyer Redwood Capital Group paid $16,750,000 for the property, or $55,000 per unit.

“Landmark at Largo Crossing is a recently renovated asset that was offered free and clear of debt,” says May. “The new owner is well positioned to reap the benefits provided by the area’s resurgent job market, promising demographic trends and changing housing preferences.”

Located at 305 Glades Circle on the north side of Ulmerton Road in Largo, the property is part of a vibrant commercial corridor featuring office parks, shopping plazas and restaurants. Built in 1974 on approximately 10.7 acres, Landmark at Largo Crossing was renovated in 2011. Composed of 28 two-story concrete buildings with stucco exteriors and pitched asphalt shingle roofs, the community consists of 144 one-bedroom units, 128 two-bedroom apartments and 32 three-bedroom units.

Amenities include a resort-style pool with cabanas and a large brick paver sundeck, a newly constructed fitness center building, a multi-use sport court, a large laundry center, a car care center, an enclosed dog park and a spacious picnic and barbecue area.

Image via Landmark at Largo Crossing’s Facebook Page

 

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