Wood Partners announced the disposition of a 311-unit, Class A multifamily housing community in Land O’Lakes, Fla., previously known as Alta at Terra Bella. Newton-based Northland Investment Corp. acquired the property and rebranded it as The Village at Terra Bella. The community changed hands in a $52.9 million transaction, public records show. CBRE Capital Markets provided a $42.3 million acquisition loan, set to mature in April 2027.
Located at 23700 Viento Drive, The Village at Terra Bella consists of 14 three-story buildings and an 11,000-square-foot clubhouse with sports lounge. The community boasts a saltwater swimming pool, outdoor summer kitchen, fitness center with yoga room and children’s playroom. Other amenities include a conference room, café, dog park and dog wash facility, both detached and breezeway-access garages. The one-, two- and three-bedroom units feature expansive floor plans at an average unit size approaching 1,100 square feet, and include stainless steel appliances, island kitchens, full-size washers and dryers, walk-in closets and screened patios.
Wood Partners purchased the site in 2014 and completed The Village at Terra Bella in 2016. The community is part of the 220-acre Terra Bella mixed-use development, which includes medical office and retail uses, in addition to 253 single-family home sites. Located in a rapidly-growing suburb of Tampa, the property is less than three miles off I-75 and 30 minutes north of downtown Tampa.
Images courtesy of Wood Parteners