{"id":63916,"date":"2026-03-19T17:15:03","date_gmt":"2026-03-19T21:15:03","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=63916"},"modified":"2026-03-19T17:15:09","modified_gmt":"2026-03-19T21:15:09","slug":"this-news-marks-a-significant-shift-for-downtown-lakelands-residential-landscape","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2026\/03\/19\/this-news-marks-a-significant-shift-for-downtown-lakelands-residential-landscape\/","title":{"rendered":"This news marks a significant shift for downtown Lakeland’s residential landscape"},"content":{"rendered":"\n

This news marks a significant shift for downtown Lakeland’s residential landscape. Three of the area’s most recognizable apartment complexes\u2014Lake Mirror Tower, NoBay, and The Gardens\u2014were officially listed for sale as a single portfolio on January 28, 2026.<\/p>\n\n\n\n

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.<\/p>\n\n\n

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\"\"<\/figure>\n<\/div>\n\n\n

Portfolio Highlights<\/strong><\/p>\n\n\n\n

The properties are currently owned by Broadway Real Estate Services and are being marketed together by CBRE.<\/p>\n\n\n\n

Property<\/strong><\/td>Year Built\/Renovated<\/strong><\/td>Approx. Size<\/strong><\/td>Description<\/strong><\/td><\/tr><\/thead>
Lake Mirror Tower<\/strong><\/td>1925 \/ 2005<\/td>91,483 SF<\/td>The historic landmark overlooking Lake Mirror with 91 units.<\/td><\/tr>
NoBay Apartments<\/strong><\/td>2016<\/td>53,487 SF<\/td>Modern urban infill located at 270 E. Bay St.<\/td><\/tr>
The Gardens<\/strong><\/td>2021<\/td>100,000 SF<\/td>The newest of the three, located at 325 S. Lake Ave.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\n\n\n\n

Key Takeaways from the Sale<\/strong><\/p>\n\n\n\n

    \n
  • High Performance:<\/strong> The portfolio currently boasts a 95.5% occupancy rate<\/strong>, a strong indicator of the demand for downtown living.<\/li>\n\n\n\n
  • Market Value:<\/strong> While an official asking price hasn’t been disclosed publicly, estimates suggest the portfolio could be worth between $43 million and $61 million<\/strong>, based on square footage and per-unit valuations.<\/li>\n\n\n\n
  • City Impact:<\/strong> 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.<\/li>\n<\/ul>\n\n\n\n

    This move comes at a busy time for the area, as other major projects like Prospect Lake Wire<\/strong> (near the new Bonnet Springs Park) continue to add more high-end units to the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

    This news marks a significant shift for downtown Lakeland’s residential landscape. Three of the area’s most recognizable apartment complexes\u2014Lake Mirror Tower, NoBay, and The Gardens\u2014were officially listed for sale as… <\/p>\n","protected":false},"author":2,"featured_media":63917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"12","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":true,"token":"eyJpbWciOiJodHRwczpcL1wvaTAud3AuY29tXC9sYWtlbGFuZGdhemV0dGUuaW5mb1wvbmV3c1wvd3AtY29udGVudFwvdXBsb2Fkc1wvMjAyNlwvMDNcL2Rvd25sb2FkLTE2LndlYnA_Zml0PTI0MSUyQzIwOSZzc2w9MSIsInR4dCI6IlRoaXMgbmV3cyBtYXJrcyBhIHNpZ25pZmljYW50IHNoaWZ0IGZvciBkb3dudG93biBMYWtlbGFuZCYjODIxNztzIHJlc2lkZW50aWFsIGxhbmRzY2FwZSIsInRlbXBsYXRlIjoiaGlnaHdheSIsImZvbnQiOiIiLCJibG9nX2lkIjoxNjMwNDA2NjF9.YKQB0mjIV2SLDC-Oa4M0yffoX3AXX1EdSy9M2PB5ljUMQ"},"version":2},"_wpas_customize_per_network":false},"categories":[12,14],"tags":[14121],"class_list":["post-63916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local","category-news","tag-this-news-marks-a-significant-shift-for-downtown-lakelands-residential-landscape"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/63916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=63916"}],"version-history":[{"count":1,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/63916\/revisions"}],"predecessor-version":[{"id":63918,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/63916\/revisions\/63918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/63917"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=63916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=63916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=63916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}