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Graham Carpenter Of Penler Acquires 320-Unit Botanic At Waterside Multifamily In Lakewood Ranch For $81.8M

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SOLD
$81,800,000

Florida

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MultiFamily
Sold 03/31/2025
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SOLD

Graham Carpenter Of Penler Acquires 320-Unit Botanic At Waterside Multifamily In Lakewood Ranch For $81.8M

1400 Pine Warbler Place

See Similar Deals
MultiFamily
Sold 03/31/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in the transaction is a multifamily asset located at 1400 Pine Warbler Place in Lakewood Ranch, consisting of 13.6 acres. The sale price of the property was $81,800,000, and it includes 320 residential units, resulting in a price per unit of $255,625. The apartment complex, known as Botanic at Waterside, was built between 2020 and 2021 and features multiple four-story buildings and upscale amenities, with rental rates starting at $1,655.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $81,800,000
  • Address: 1400 Pine Warbler Place
  • Market: Lakewood Ranch
  • Acres: 13.6
  • Units: 320
  • PPU: $255,625
  • Buyer: Graham Carpenter - Penler
  • Seller: LivCor

Graham Carpenter represented Penler in the acquisition of the property from LivCor, which is associated with the Blackstone portfolio. This transaction showcases the involvement of established firms in the multifamily housing sector and reflects the dynamics of property investment in the Lakewood Ranch area.

Players

GC
Graham Carpenter
3 deals$210M volume
BUYER
LivCor
LivCor
SELLER

Details

SOLD
IMAGE: Graham Carpenter DATE: 03/31/2025 ADDRESS: 1400 Pine Warbler Place MARKET: Lakewood Ranch ASSET TYPE: Multifamily ~ ACRES: 13.6 BUYER: Graham Carpenter - Penler SELLER: LivCor SALE PRICE: $81,800,000 UNITS: 320 ~ PPU: $255,625 NOTE: Penler acquired the 320-unit Botanic at Waterside apartment complex in Lakewood Ranch for $81.8M from LivCor, a Blackstone portfolio company. Built in 2020–2021, the 13.6-acre property features multiple four-story buildings with upscale amenities and rents starting at $1,655.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,362,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$290,618.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$387,773.73
Annual Debt Service$4,653,284.79