Redwood Capital Group buys Landmark at Largo

BUYER: Redwood Largo Crossing LLC, Chicago
SELLER: Landmark at Largo Crossing LP
PROPERTY: 305 Glades Circle, 7049 Ulmerton Road and a portion of Rodgers Ave., Largo
PRICE: $16.75 million
LAW FIRM ON DEED: Beth E. Linzner PA, Boca Raton

PLANS, DESCRIPTION: Redwood Capital Group purchased the 304-unit Landmark at Largo Crossing apartments for $16.75 million.

The price equated to $55,000 per unit.

Sitting on a 10.7-acre property, the community features 28 two-story buildings. The 39-year-old apartment complex was extensively renovated in 2011. The community contains 144 one-bedroom, 128 two-bedroom and 32 three-bedroom units.

Amenities include a swimming pool, newly constructed fitness center building, multi-use sport court, laundry center, car care center and dog park.

Jamie May of the JBM Group of Institutional Advisors of Marcus & Millichap Real Estate Investment Services Inc. represented the seller, a joint venture of Landmark Residential and Brookfield Real Estate Opportunity Fund.

“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,” May says in a press release.

Redwood Capital Group is a Chicago-based multifamily real estate firm formerly known as Westdale Investment Partners LLC.