A fatigued, 26-unit apartment complex within walking distance of Brandon Town Center is due for a thorough rehab after changing hands.
Lakeside Village sold for $936,000, or $57.25 per square foot, a statement said.
The apartment complex, at 110 Gornto Lake Road, Brandon, was 20 percent occupied at the time of the sale, which was announced Monday. Franklin Street represented the seller, LSREF2 APEX FL LLC, an out-of-state lender. Brad Hodge of Bay Vision Realty represented the buyer, Invest PI LLC, a combination of local owners and international investors.
“Lakeside Village is a great example of how distressed assets with significant upside potential have more demand than supply in the Florida multifamily market,” Kevin Kelleher, senior director of Franklin Street, said in the statement.
Kelleher is also starting to see investors who bought distressed assets over the last few years stabilizing their properties and looking to sell for a profit. Download PDF