Topaz Capital Group Acquires Lakeland Multifamily Property For $68.1M

The multifamily property located at 1906 Griffin Rd in Lakeland has been sold for a price of $68,115,000. The property consists of 228 units, with a price per unit of $298,750. The total square footage of the property is 280,000, with a price per square foot of $243. The sale took place on November 28, 2022.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $68,115,000
• Address: 1906 Griffin Rd, Lakeland
• Units: 228
• Price Per Unit: $298,750
• Square Footage: 280,000
• Price Per Square Foot: $243
• Market: Lakeland

Topaz Capital Group, represented by Marc A. Hershberg and J. Etan Friedman, acquired the property from The Latigo Group. The buyer was represented by Luis Elorza and Justin Hofford from NorthMarq, while the seller was represented by Shelton Granade and Luke Wickham from Institutional Property Advisors.

First Foundation Bank served as the lender for the transaction and was represented by Jacob Winkler, Tony Fire, and Dustin Campbell. The mortgage brokers involved in the deal were Abe Hirsch, Zev Karpel, and Ralph Herzka from Meridian Capital Group.