Colliers facilitates $10 million sale of Lakeland apartment community

Colliers facilitated the sale of a boutique 56-unit apartment community located at 915 Ariana Street in Lakeland, Fla., for $10 million. Rentlakeland Ariana LLC sold 915 Ariana to Ariana Apartments Silverado LLC and Ariana Webster LLC.

Miles Tombrink and Luis Baez of The Colliers Florida Multifamily Team facilitated the sale of the community.

“Through our unmatched marketing approach, we were able to successfully orchestrate a call-for-offers process before inviting the top three candidates back for a best-and-final round,” said Miles Tombrink, associate vice president with Colliers. “This structure allowed us to obtain the most favorable terms possible for our seller when it came time to award the deal. The buyer was able to execute upon agency financing, close at contract price and successfully satisfy their 1031 exchange requirement. We are grateful for both parties to the transaction for their trust and confidence in our team and look forward to being a part of their continued successes in the years ahead.”

The property was an ideal fit for the buyer due to its turn-key condition, full stabilization and limited deferred maintenance at the time of sale. The acquisition also aligned with the buyer’s 1031 exchange requirements.

“This transaction highlights the depth of demand for well-located, stabilized multifamily assets with strong in-place returns,” said Luis Baez, senior vice president with Colliers. “There is significant capital on the sidelines, and properties with solid fundamentals that are priced appropriately continue to attract competitive interest.”

The seller had owned the property for approximately 20 years. The community was originally developed with 20 units in the mid-1980s, and the owner expanded the property in 2024 with the construction of an additional 36 units. The original buildings were renovated to match the newly constructed units, creating a cohesive, modern appearance throughout the community.

Situated on a 2.59-acre parcel in Polk County, the 56-unit community consists of 20 two-bedroom, one-and-one-half-bathroom units and 36 two-bedroom, two-bathroom units. The apartments average between 809 and 850 square feet. Buildings feature wood-frame construction on concrete slabs with Hardie board siding. The property benefits from proximity to lakes, parks, major employers, restaurants and academic institutions.