Polk County apartments get $69 million refinancing

The owners of a 360-unit apartment community in Polk County have refinanced the nearly two-year old property for $69.57 million.

Sovereign Properties and Invest Capital Group obtained the financing through commercial real estate lender Timberlake Capital. JLL Capital Markets secured the bridge loan and announced the news.

The community, Atlantica at Town Center, is at 1121 Loblolly Lane off of Interstate 4 between Lakeland and Orlando in the eastern end of the county.

The property, which JLL says was finished in December 2022, is made up of 14 three-story buildings. Units range from one to three bedrooms and average between 683 square feet and 1,435 square feet. Amenities include a gaming lawn, dog park, pet spa and yoga and spin room as well as a demonstration kitchen and coworking space.

According to Atlantica’s website, monthly rents for available units Wednesday start at $1,432 for an 876-square-foot one bedroom to $2,415 for a 1,435-square-foot three bedroom.

Sovereign said in a press release last year that a 352-unit second phase, on land adjacent to the current property, is scheduled to be finished later this year.

New York-based Sovereign is a real estate development firm has bought and developed more than 2,600 units since 2018 with a total capitalization of more than $720 million, according to its website.

As for Invest Capital Group, the Aventura firm specializes in real estate investment management and development of multifamily properties. According to its website, it “has assembled over 7 million square feet of real estate worth over $2 billion within high growth markets in the United States.”

The JLL team that worked on the deal includes senior managing director Gregory Nalbandian, along with directors Kenny Cutler and Josh Odessky.