This news marks a significant shift for downtown Lakeland’s residential landscape. Three of the area’s most recognizable apartment complexes—Lake Mirror Tower, NoBay, and The Gardens—were officially listed for sale as a single portfolio on January 28, 2026.
These properties represent a major share of the city’s urban housing. Their transition to the market signals that downtown has moved from a “speculative” phase to a “steady” one, in which these developments are now viewed as high-occupancy, institutional-quality assets.
Portfolio Highlights
The properties are currently owned by Broadway Real Estate Services and are being marketed together by CBRE.
| Property | Year Built/Renovated | Approx. Size | Description |
| Lake Mirror Tower | 1925 / 2005 | 91,483 SF | The historic landmark overlooking Lake Mirror with 91 units. |
| NoBay Apartments | 2016 | 53,487 SF | Modern urban infill located at 270 E. Bay St. |
| The Gardens | 2021 | 100,000 SF | The newest of the three, located at 325 S. Lake Ave. |
Key Takeaways from the Sale
- High Performance: The portfolio currently boasts a 95.5% occupancy rate, a strong indicator of the demand for downtown living.
- Market Value: While an official asking price hasn’t been disclosed publicly, estimates suggest the portfolio could be worth between $43 million and $61 million, based on square footage and per-unit valuations.
- City Impact: City officials, including the Community Redevelopment Agency (CRA), view the sale as a sign of success. The city originally provided roughly $3.6 million in incentives to jumpstart these “pioneer” projects, and their sale to larger investors validates the city’s long-term redevelopment strategy.
This move comes at a busy time for the area, as other major projects like Prospect Lake Wire (near the new Bonnet Springs Park) continue to add more high-end units to the market.