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TAMPA, FL—Lost Creek Resort at Lakewood Ranch, a recently-completed, 272-unit, class A multifamily community in Bradenton, FL, has a new owner. The multifamily project sits on 24 acres in the Lakewood Ranch master planned community, about 40 minutes south of Downtown Tampa. Financial terms of the deal were not disclosed.

HFF director Matt Mitchell and senior analyst Scott Walker represented the seller, P.A.C. Land Development. Joe Cosenza, vice chairman of Inland, negotiated the purchase on behalf of an affiliate of Inland Real Estate Acquisitions.

“We negotiated with a forward-sale structure,” Mitchell tells GlobeSt.com. “Like a pre-sale, there was no operating history or even a physical product to sell. We negotiated a deal around a plan and we had to execute that plan and deliver that to the buyer.”

The multifamily property is designed to appeal to young professionals and families. Amenities include a large swimming pool and spa, pool-side cabanas, tot lot, a dog park complete, on-site car wash, a clubhouse with a computer lab and entertaining areas, fitness club with weights and cardio areas, full-court indoor basketball, and volleyball and tennis courts. The multifamily property has one-, two- and three-bedroom units.

“The deal was structured so the buyer would close once we hit a certain occupancy,” Mitchell explains. “The property leased up very well and there still is no true operating data in place but forward projections should be supportable. This is a rare transaction type. It’s the only one I know of in Florida during this cycle.”

Lost Creek Resort at Lakewood Ranch is the first market rate multifamily community to be built in the Sarasota/Bradenton submarket in more than five years. It is only the second multifamily project in the master planned community.

“The first multifamily complex has been near full capacity for the last 10 years,” Mitchell says. “The Sarasota-Bradenton market as a whole is very well occupied and the Southwest Florida multifamily market is definitely rebounding.”