Topaz Capital Group Acquires Property In Lakeland With Buyer's Representatives Justin Hofford Kevin Mosher Luis Elorza
1906 Griffin Rd, Lakeland, FL, 33810
Building Size
—
Asset Type
MultiFamily
Closing
Nov 20, 2023
AI
The Caroline is an apartment community situated at 1906 Griffin Road, Lakeland, FL, 33810. This recently completed property comprises 228 units, featuring one-, two-, and three-bedroom layouts, with an average unit size of 1,161 square feet. The community offers several amenities, including a clubhouse, pool, outdoor kitchen and entertainment space, pet park, fitness center, playground, and wetland boardwalk.
Summary of transaction details:
- Property Type: Apartment Community
- Transaction Amount: Undisclosed
- Address: 1906 Griffin Rd, Lakeland, FL, 33810
- Buyer: Topaz Capital Group
- Buyer’s Representatives: Justin Hofford (NorthMarq), Kevin Mosher (NorthMarq), Luis Elorza (NorthMarq)
- Market: Lakeland
NorthMarq facilitated the transaction, representing the buyer, Topaz Capital Group. The sale of The Caroline marks a significant acquisition within the Lakeland market, as the property adds to the buyer's portfolio of multifamily investments. The representatives involved in this deal, Justin Hofford, Kevin Mosher, and Luis Elorza, played key roles in finalizing the sale.
Players
Lakeland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93