A 56-unit apartment community in Lakeland sold for $10 million, according to Colliers.
Colliers brokers Miles Tombrink and Luis Baez handled the sale of the property at 915 Ariana Street. Rentlakeland Ariana LLC sold the community to Ariana Apartments Silverado LLC and Ariana Webster LLC.
The seller owned the property for about 20 years. The community began with 20 units in the mid-1980s. In 2024, the owner added 36 units and renovated the original buildings to match the new construction.
Colliers said the buyer closed at the contract price using agency financing and completed the purchase as part of a 1031 exchange.
“Through our unmatched marketing approach, we were able to successfully orchestrate a call-for-offers process before inviting the top three candidates back for a best-and-final round,” Tombrink, an associate vice president with Colliers, said. “This structure allowed us to obtain the most favorable terms possible for our seller when it came time to award the deal. The buyer was able to execute upon agency financing, close at contract price and successfully satisfy their 1031 exchange requirement.”
Baez said buyers continue to compete for stabilized multifamily properties.
“This transaction highlights the depth of demand for well-located, stabilized multifamily assets with strong in-place returns,” Baez, a senior vice president with Colliers, said. “There is significant capital on the sidelines, and properties with solid fundamentals that are priced appropriately continue to attract competitive interest.”
The 2.59-acre property includes 20 two-bedroom, one-and-one-half-bath units and 36 two-bedroom, two-bath units. Apartments average between 809 and 850 square feet, according to Colliers. The buildings are wood-frame construction on concrete slabs with Hardie board siding.
Colliers said the community is near lakes, parks, restaurants, major employers and academic institutions in Lakeland.