TAMPA, FL—Landmark at Largo Crossing, a 304-unit multifamily complex in the central Pinellas County city of Largo, has a new owner. A joint venture between Landmark Residential and Brookfield Real Estate Opportunity Fund sold the multifamily property to Redwood Capital Group for $16.75 million, or $55,000 per unit.
Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, represented the seller. Jamie B. May, an IPA Florida executive director, led the transaction.
“Landmark at Largo Crossing is a recently renovated asset that was offered free and clear of debt,” says May. “The new owner is well positioned to reap the benefits provided by the area’s resurgent job market, promising demographic trends and changing housing preferences.”
The property is located at 305 Glades Circle on the north side of Ulmerton Road in Largo. Ulmerton Road is a commercial corridor featuring office parks, shopping plazas and restaurants.
Built on about 10.7 acres in 1974, Landmark at Largo Crossing received substantial interior and exterior renovations in 2011. The property has 28 two-story concrete buildings with stucco exteriors and pitched asphalt shingle roofs.
Amenities include a resort-style pool with cabanas and a large brick paver sundeck, a newly constructed fitness center building, a multi-use sport court, a large laundry center, a car care center, an enclosed dog park and a spacious picnic and barbecue area. Floor plans include 144 one-bedroom units, 128 two-bedroom apartments and 32 three-bedroom units.