Berkadia, a distinguished leader in the commercial real estate sector, announced the sale of Bridgewater Grand, a 300-unit multifamily community located in Lakeland, Florida, approximately 45 minutes between Tampa and Orlando.
Managing Director David Etchison, Senior Managing Directors Cole Whitaker, and Jason Stanton, and Director Mary Beale of Berkadia Central & North Florida led the transaction on behalf of the seller, TrimCor. Hamilton Point Investments of Old Lyme, Connecticut, purchased the property for an undisclosed price. The deal closed on July 10. The property was 95% occupied at the time of sale.
“Bridgewater Grand presented an opportunity to acquire a newer asset in a secondary central Florida growth market that has close proximity to Tampa and Orlando. Demand drivers include a strong corporate employment along with a large industrial presence,” said Whitaker. “The property also offers the most spacious units in the Lakeland market, giving it a distinct advantage in leasing and resident retention.”
The property’s one-, two-, and three-bedroom apartments offer spacious floor plans ranging from 1,219 to 1,853 square feet. Two- and three-bedroom units make up 92% of the unit mix.
Units feature granite countertops, expansive kitchens with stainless steel appliances, walk-in glass showers, large laundry rooms with full-size washer/dryer connections, double vanity in master bath, wood-style flooring, vaulted ceilings on third floors, oversized walk-in closets, private patios/balconies with storage, and private offices in two-bedroom units.
The pet-friendly community amenities include 3,500 feet of lake frontage; zero-entry saltwater pool with large sundeck; 24-hour fitness facility; electric car charging stations, car care center and 56 garages available for rent; resident clubhouse with rentable conference room and event space, café bar, business center and TV lounge; playground and bark park; and a maintenance shop.
The property is situated in Polk County, the fastest-growing county in the state, along Central Florida’s I-4 corridor, offering easy access to major metros and world-famous attractions. Greater Lakeland is home to the corporate headquarters of Publix Super Markets Inc., one of the largest grocery store chains and privately held companies in the country. The area is also an e-commerce epicenter, home to distribution centers for FedEx Corporation, Ford Motor Company, Amazon.com Inc., Walmart Inc., Florida Natural Growers, Best Buy Co. Inc., IKEA, and United Parcel Service.
