Tampa
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
Top Stories From Around The Web
-
Ritz-Carlton Renovations Complete In Sarasota
Renovations to the Ritz-Carlton in Sarasota are complete, adding a new restaurant and improving the lounge, bar and outdoor terrace.
Tampa Bay Business Journal - May 14 -
Blackstone Affiliate Buys More Florida Properties
As the frenzied acquisition of property by private equity companies continues, a company affiliated with Blackstone Group, IH2 Property Florida LLC, bought 12 houses in Manatee County for $2.3 million…
Tampa Bay Business Journal - May 14 -
CLW Industrial Changing Name To KVR Industrial
CLW Industrial Group LLC is changing its name to KVR Industrial Group LLC.
Tampa Bay Business Journal - May 14 -
Hyde Park Village Shopping Center Up For Sale
Hyde Park Village, the open-air South Tampa shopping center, is up for sale.
Tampa Bay Times - May 14 -
AnythingIT Announces 30,050 Square Foot Facility In Tampa, Florida
AnythingIT, Inc., (OTCBB:ANYI), a leading information technology electronics recycler and e-waste handler serving both government and commercial markets for over 20 years, announced today that its new…
Citybizlist - May 14 -
Property Firm Nabs Three Tampa Bay Communities
Rampart Properties added three new communities to its Tampa Bay area association management portfolio.
Tampa Bay Business Journal - May 14 -
Tampa Votes On Land, Zoning For Residential Tower
Tampa City Council members will vote Thursday on whether to give up city-owned land at the corner of Cass and Tyler streets to make way for a 400-foot residential tower.
Tampa Bay Business Journal - May 14 -
Shoppers Prepare, Opening Date Set For Sarasota Mall
The 880,000-square-foot Mall at University Town Center will open Oct. 16, 2014.
Tampa Bay Business Journal - May 14 -
Patience Pays: Latest Westshore Apartments Began In ’06
Talk about perseverance. The story behind Varela, the latest multifamily project in Westshore to break ground, is all about holding strategies.
Tampa Bay Business Journal - May 14 -
Hopeful Channelside Developers Engage Community For Input
Channelside Bay Plaza’s proposed new developers say their proposal will succeed where the previous owners failed because its hotel component would add more diverse demand.
Tampa Bay Business Journal - May 14
Recent Comments