Corridor Closes on Sale of 120 Unit Property in Lakeland, Florida
AVON, CT – On April 26th, 2023, Corridor Ventures closed the sale of Water’s Edge Apartments in Lakeland, Florida. The sale generated returns significantly above original underwriting following a three-year hold period. At a time when transaction activity is largely at a standstill, Corridor is especially proud to deliver these outsized returns.
Corridor Principal and Co-Founder, Hagan Brown said, “This is a terrific outcome for our investors amid a challenging capital markets backdrop. We were able to achieve this result because of the hard work of our team and partners, as well as our multi-cycle track record and experience navigating uncertain times.”
Beginning in 2019, Corridor identified the Lakeland area as a target market with potential for significant growth. Strategically located along the Interstate-4 corridor, Lakeland has emerged as a logistics hub with companies such as Amazon, FedEx, Walmart, and Publix all having significant operations in the area.
“The Lakeland market is a strong case study for the ‘barbell effect’,” explained Director of Investments, Aidan Burns. “Straddled by Tampa and Orlando, two fast-growing metro areas, Lakeland is directly in the path of growth. Almost 10 million square feet of industrial space was built here in the last four years, with plenty more in the pipeline. Thousands of new jobs and a lower cost of living are driving sustained demand for rental housing.”
Corridor was pleased to work with Franklin Street as the Brokers on this deal. See details of the property and sale here.
About Corridor Ventures
Corridor Ventures is a real estate investment and operating company that creates unique opportunities to invest in real estate and adjacent assets, with a sharp focus on aligning our interests with those of our partners. Over the course of 20 years and 47 realized investments, Corridor has delivered an equity-weighted average IRR of over 21%.