South Boulevard Flats

Lakeland, FL

9

UNITS

1907, 1922

YEAR BUILT

0.35

ACRES

5,424

SQUARE FEET

PURCHASE PRICE

Investment Overview

South Boulevard Flats is a 9-unit, 2-property portfolio located in the most exclusive submarket of Lakeland, Florida in Polk County. The properties sit on 0.35-acres combined, only 230-feet away from each other in a beautiful neighborhood. Lakes, parks, employers, restaurants, and academic institutions are only a short walk away. Each building consists of wood frame construction built in 1907 and 1922. South Boulevard Flats consists of 7 one-bedroom/one-bathroom, 1 two-bedroom/one-bathroom, and 1 two-bedroom/two-bathroom units averaging 553 square feet, 750 square feet, and 804 square feet respectively. Each building is unique with tremendous curb-appeal, recent renovations, historic charm, and irreplaceable location.

Residents enjoy the proximity to major roadways, an abundance of jobs and demand drivers giving them easy access to all the great things Lakeland and central Florida have to offer. Publix has their corporate headquarters in Lakeland, Florida, and many other major companies that have a large presence in “Swan City” include Lakeland Regional Health, GEICO, City of Lakeland, Watson Clinic, FedEx, UPS, Walmart, Southeastern University and Amazon. Polk County is one of the top distribution hubs in the country and one of only a handful of markets in the U.S. within 3-hours drive to more than 20 million people which has led to an abundance of new jobs infiltrating the local market. Lakeland boasts a 98% occupancy rate, has a predicted 12.1% average income growth and 6.1% population between 2021-2026.

Investment Highlights

  • Beautiful, well-maintained properties with tremendous character
  • Major capex has been recently completed
  • Immediate upside potential via increasing the rent roll
  • Majority of the units have added mini-splits

Location Highlights

  • Class A+ locations in downtown Lakeland
  • All units are walkable to lakes, parks, restaurants, academia and entertainment
  • Lakeland is centrally located between Tampa and Orlando
  • In proximity to significant employers such as: Publix, Geico and Amazon
  • High barriers to entry submarket

Contact

Miles Tombrink
Director
+1 813 716 2781
miles.tombrink@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.