Lakeland apartments sell for $57 million

Bridgewater Grand, a 300-unit Lakeland multifamily community, has sold for $57.37 million.

The property at 5546 Autumn Ridge Road was bought by the Connecticut real estate private equity investment firm Hamilton Point Investments. 

Berkadia, which brokered the deal, says it closed July 10 and that the community was 95% occupied. (The company declined to share the sale price, which was available in Polk County property records.) 

The previous owner, TrimCor, paid $2.5 million for the then-vacant land in 2019. It began construction in 2020. 

The three-story, garden-style apartment community off of State Route 33 sits on 31 acres and includes one-, two- and three-bedroom units ranging from 1,219 square feet to 1,853 square feet. Two- and three-bedroom units make up 92% of the unit mix. According to apartments.com, monthly rents range from $1,635 to $1,985. 

Hamilton Point has bought more than 150 properties for over $3.8 billion since it was founded in 2009. 

This is its fifth community in Florida, the first in the region.

Berkadia’s David Etchison, Cole Whitaker, Jason Stanton and Mary Beale represented TrimCor in the deal.