Canadian investor latest on multifamily bandwagon

BUYER: Cherishome Lakeland LLC
SELLER: ALV Apartments L.P.
PROPERTY: 1555 Village Center Drive, Lakeland
PRICE: $45,988,000
PREVIOUS PRICE: $4,586,000, November 2007

Continuing a wave of multifamily deals throughout Florida this year, a Canadian apartment operator has spent nearly $46 million to purchase a 13-building rental community in Lakeland.

Cherishome Living, of Ontario, has renamed the Alexan at Lakeside Village apartments Town Center at Lakeside Village. Rents in the 312-unit community range from $925 per month to $1,500 per month.