Topaz Capital Group Acquires Florida Asset

Northmarq represented the seller of the community, which features a boardwalk through protected wetlands.

The Caroline. Image courtesy of Northmarq

Multifamily real estate investment and advisory company Topaz Capital Group has acquired The Caroline, a newly constructed high-end apartment community in Lakeland, Fla. The seller was multifamily developer AQRE VI. Northmarq’s Tampa, Fla.-based investment sales team represented the buyer on the sale.

Situated at 1906 Griffin Road and completed earlier this year, the 228-unit apartment community features units averaging 1,161 square feet in size. One-bedroom apartments make up 32 percent of the residences, while two-bedroom homes comprise 52 percent. Three-bedroom apartment homes represent 16 percent of total units. Apartments feature wood-style flooring throughout each home, two-tone cabinetry, subway tile backsplashes, granite countertops and screened-in balconies and porches.

A signature boardwalk through protected wetlands represents a prominent common-area amenity of the apartment community.

Well located

The Caroline is positioned near Interstate 4, the highway connecting Orlando and Tampa, and is passed by more than 100,000 vehicles each day. The location between the two fast-growing metros has helped make Lakeland a supply chain and logistics industry darling. More than 28 million square feet of industrial and warehouse space is located in the area. Lakeland residents enjoy access to enormous employment opportunities due to local job hubs and the city’s proximity to Tampa and Orlando.

The corporate headquarters of Publix, located 15 minutes away, is slated to expand by more than 500,000 square feet. More than 8,000 workers will be employed there.

Leading health care industry employers, including Lakeland Regional Health, Orlando Health Lakeland Heights and Bartow Regional Medical Center, call Lakeland home.

The city’s downtown area is expanding to serve a workforce of more than 7,000 professionals.

More than 60 restaurants and attractions position Lakeland for ongoing growth and robust investor demand. Four months ago, Northmarq brokered the sale of a multifamily community in the Phoenix suburb of Mesa, Ariz.

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