Michael Gacioch Of National Property Management Associates Acquires Lake Highland Apartments For $58M

The property involved in the transaction is a 320-unit multifamily complex located at 2150 Lake Highland Boulevard in Lakeland, Florida. The asset spans across 37.2 acres and was sold for $58 million. The residential complex, which has been operating for 24 years, is currently 97% leased and features units with up to three bedrooms. Recent improvements totaling $6.8 million have been made to the property, resulting in a projected annual net operating income of $4.34 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $58,000,000
• Buyer: Michael Gacioch - National Property Management Associates Inc
• Seller: Alan Pollack - Providence Real Estate Group
• Broker: Berkadia
• Lender: Lument
• Units: 320
• Price Per Unit: $181,250

Michael Gacioch, representing National Property Management Associates Inc, successfully acquired the property from seller Alan Pollack of Providence Real Estate Group. The transaction was facilitated by the brokerage firm Berkadia, with financing provided through a $49.45 million Freddie Mac loan arranged by the lender Lument.