Providence Real Estate, in a joint venture with Aegon Real Assets U.S., has purchased Village at Lake Highland, a 320-unit community in Lakeland, Fla., from Investors Realty. The buyer paid $51.6 million for the Class A property, per Polk County records. Berkadia provided the buyer with a 10-year, $35.2 million Freddie Mac acquisition loan. The sale marks the first time the asset has sold since it delivered in 2001.
Located on 37 acres at 2150 Lake Highland Blvd., the community consists of 16 two- and three-story buildings with one- to three-bedroom floorplans averaging 1,094 square feet. Amenities include a clubhouse, basketball court and dog park. Yardi Matrix shows Village at Lake Highland was 94.7 percent occupied as of November. The new owner plans to invest in interior and exterior renovations.
Village at Lake Highland borders Sanlan Golf Course, some 5 miles southeast of city center. Lakeland Marketplace is less than 2 miles north of the property, and the Lakeland campus of Polk State College is a short distance east.
In July, Providence purchased a 432-unit community in Palm Harbor, Fla., in partnership with a Fortune 500 insurance firm. The Class A property commanded $80 million.