By Evelyn Jozsa
Northland Investment Corp. has acquired Echo Lake at Lakewood Ranch, a 360-unit, Class A, luxury apartment community in Bradenton, Fla. The property, developed by Homes By Towne and Benko Construction, was completed in May of this year. Lincoln Property Co. will manage the asset.
Located at 11502 Echo Lake Circle, Echo Lake is a twelve-building residential community on sprawling 41-acre site. The 93 percent leased property comprises a mix of one-, two- and three-bedroom apartments, averaging 1,054 square feet. Community amenities include:
- 3.5-acre park
- fitness center
- zero-entry saltwater pool
- community garden plots
- bike storage
- sand volleyball court
“This deal was particularly exciting for us, as we were able to again acquire a best-in-class community without a competitive marketing process, a testament to Northland’s unblemished track record and reputation for absolute surety of close,” said Matthew Gottesdiener, chief investment officer of Northland, in prepared remarks.
In addition, Gottesdiener said, “Bringing our leading management practices to a beautiful property in the desirable Lakewood Ranch community, we will offer Echo Lake residents excellent value while also advancing our overall long-term growth strategy.”
The company has also recently purchased Element, a 395-unit residential tower in downtown Tampa.
Image courtesy of Northland Investment Corp.