Topaz Capital Group Acquires Multifamily Property In Lakeland For $68.1M

The multifamily property located at 1906 Griffin Rd in Lakeland has been sold for a total price of $68,115,000. The property consists of 228 units with an average 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
• Market: Lakeland
• Buyer: Topaz Capital Group - Marc A. Hershberg, J. Etan Friedman
• Seller: The Latigo Group
• Buyer's Representative: Luis Elorza & Justin Hofford - NorthMarq
• Seller's Representative: Shelton Granade & Luke Wickham - Institutional Property Advisors
• Lender: First Foundation Bank - Jacob Winkler, Tony Fire & Dustin Campbell
• Mortgage Brokers: Abe Hirsch, Zev Karpel & Ralph Herzka - Meridian Capital Group

The deal was facilitated by the buyer's representative, Luis Elorza, and Justin Hofford of NorthMarq, and the seller's representative, Shelton Granade and Luke Wickham of Institutional Property Advisors. First Foundation Bank provided the financing for the transaction with Jacob Winkler, Tony Fire, and Dustin Campbell overseeing the lending process. Abe Hirsch, Zev Karpel, and Ralph Herzka of Meridian Capital Group acted as the mortgage brokers.