National REIT snags apartment complex

LAKEWOOD RANCH — A national real-estate investment trust has staked its claim in Lakewood Ranch.

A company contained under The Inland Real Estate Group of Cos. Inc., of Oak Brook, Ill., has purchased Lost Creek Apartments, located at 11140 Lost Creek Terrace, across Lakewood Ranch Boulevard from the Manatee Technical Institute.

The 272-unit complex is 100% leased, although the first residents moved in less than eight months ago.

Lakewood Ranch Commercial Realty President Brian Kennelly said the complex’s performance not only shows the area’s need for apartment-style housing but also confidence in Lakewood Ranch’s real-estate market.

“The product itself was well designed and thought out; it was well-amenitized and they really were able to meet that (pent-up market) demand,” Kennelly said. “(A national REIT) bought the project. That says something for Lakewood Ranch, too. The project was a large investment for the developer. For it to fill up the way it did, and for a national REIT to swoop in and buy it seven months after it opened, is really a vote of confidence for Lakewood Ranch and the strength of the market.”

The apartment complex sold for $39.25 million. Terms of the sale were not released as of press time. Inland’s centralized purchasing company, Inland Real Estate Acquisition, handled the purchase from developer P.A.C. Land Development.

Joseph Cosenza, vice chairman and director of The Inland Real Estate Group and president of Inland Real Estate Acquisitions, echoed Kennelly’s sentiments.

“The lenders loved this idea,” he said. “We got an interest rate that’s fixed for 10 years at 3.94%. At the same time, our management company is telling me that this is one of the best apartment complexes that Inland has ever purchased.”

He said the appeal comes down to a combination of a number of the community’s attributes, including its location in Lakewood Ranch, proximity to major transportation hubs, unique amenities, occupancy and the quality of the units and community.

The roughly 20-acre development, which was completed mid-year, features a large swimming pool, clubhouse, indoor basketball court, fitness center, theater room and sand volleyball court. The property also includes 78 detached garages.

— Pam Eubanks contributed to this report.