Northmarq secures sale of The Caroline, a newly constructed premier multifamily asset in Lakeland, Florida

TAMPA, FLORIDA (November 29, 2022) – Northmarq’s Tampa Investment Sales team of Luis Elorza, managing director, Justin Hofford, associate vice president and Kevin Mosher, associate represented the buyer on the sale of The Caroline. The sponsor was AQRE VI, a multifamily developer based in Winter Park, Florida and the buyer was Topaz Capital Group, a multifamily real estate investment and advisory company with assets across the southeastern United States.

Recently completed in 2022 and totaling 228 units, The Caroline is located at 1906 Griffin Road, in Lakeland, Florida. The property is comprised of 32 percent one-bedroom, 52 percent two-bedroom and 16 percent three-bedroom units with an average unit size of 1,161 sq. ft. 

The property is conveniently located proximate to Interstate 4 (100,000+ vehicles per day) and is strategically positioned between the two major metropolitan areas of Orlando and Tampa Bay. The connectivity provided by Interstate 4 has allowed Lakeland to become a leader in the supply chain and logistics industry, which houses more than 28 million sq. ft. of industrial and warehouse space in the area, with businesses including Amazon (4.7 million sq. ft.), Saddle Creek Logistics Services (2.3 million sq. ft.) and Medline (830,000 sq. ft.). 

“Lakeland benefits from its central location, between two of the fastest-growing metros in the country, and its highly durable industries including healthcare and logistics," said Elorza. “Its stable local employment base, coupled with access to employment sectors in Tampa and Orlando, provide residents accessibility to an incredible amount of employment opportunities.”

The Caroline offers residents a best-in-class amenity package consisting of an exquisite clubhouse, resort-style pool with oversized sundeck, outdoor kitchen and entertainment space, pet park, fitness center, playground, and signature boardwalk through protected wetlands. Unit interiors feature designer-inspired finishes including wood-style flooring throughout, two-tone cabinetry, subway tile backsplash, granite countertops and screened-in balconies and porches. 

"With its impeccable construction quality, scenic landscape and exceptional community amenities, the buyers picked a highly desirable asset that offers renters a premier living experience that is unmatched in the area,” added Hofford.

Publix’s corporate headquarters, located 15 minutes away, has plans to expand its footprint to over 500,000 sq. ft., bringing their total employment in Lakeland to over 8,000 workers. The property also has proximity to top healthcare employers such as Lakeland Regional Health (865 beds, 5,400 employees), Orlando Health Lakeland Heights (302 beds) and Bartow Regional Medical Center (72 beds, 400 employees). With an expanding downtown and a workforce of over 7,000 professionals and over 60 restaurants and attractions, the area is poised for continued growth and strong investor demand.