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Business Observer Monday, Sep. 12, 2022 2 weeks ago

Lakeland apartments part of almost $92 million multifamily portfolio sale

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An unnamed buyer bought four low-income developments across the state and will continue to operate them as such.
by: Louis Llovio Commercial Real Estate Editor

St. Luke’s Life Center apartments in Lakeland has sold to an unnamed buyer for $13.4 million.

The complex, at 915 W. Quincy St., is one of a four-property, 669-unit portfolio that changed hands for $91.75 million.

St. Luke’s, according to property records, is a low-income development with about 150 units. The three other properties are spread out across Florida — in Sanford, Lake Worth and Fellsmere, which is in Indian River County.

As for how much the other properties sold for:

  • The Overlook at Monroe in Sanford brought $31 million.
  • Villas at Cove Crossing Apartments in Lake Worth brought $16 million.
  • Sonrise Villas Apartments in Fellsmere brought $31.35 million.

The deal was announced by the commercial real estate firm Marcus & Millichap, which represented the sellers, Largo developers Benjamin Mallah and Benjamin Mallah II.

The firm did not disclose who bought the properties. A broker who worked on the sale says the buyer “does not want to be named, but is alright with being identified as a national owner and operator of affordable housing.” County property records had not been updated as of Sept. 12. 

Marcus & Millichap says all four of the properties were built with affordable tax credits and have income and rent restrictions. The complexes were developed between 1994 and 2007 and range in size from 94 units to 240 units.

The firm says the new owner will continue to maintain and operate the complexes as affordable housing developments. 

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