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

The multifamily asset located at 1906 Griffin Rd in Lakeland has been sold for $68,115,000. The property includes 228 units and encompasses a total of 280,000 square feet, leading to a price per unit of $298,750 and a price per square foot of $243.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,115,000
• Units: 228
• Square Feet: 280,000
• Price Per Unit: $298,750
• Price Per Square Foot: $243
• Buyer: Topaz Capital Group - Marc A. Hershberg, J. Etan Friedman
• Seller: Nick Rotenberger & Scott Whittaker - 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 key individuals involved in the transaction include representatives from both the buyer and seller sides, specifically Luis Elorza and Justin Hofford from NorthMarq representing Topaz Capital Group, while Shelton Granade and Luke Wickham from Institutional Property Advisors represented sellers Nick Rotenberger and Scott Whittaker of The Latigo Group. The financing for the transaction was provided by First Foundation Bank, facilitated by Jacob Winkler, Tony Fire, and Dustin Campbell, with mortgage brokerage services rendered by Abe Hirsch, Zev Karpel, and Ralph Herzka from Meridian Capital Group.