Plant City apartment complex sold for $34.8 million

A Massachusetts private equity real estate firm has bought a 248-unit apartment complex in Plant City.

Northland announced the purchase Tuesday saying it had bought the Madison Park Road apartments and renamed the community Bella Vista on Park.

The company, which is based in suburban Boston, would not comment on the sale price but according to Hillsborough County records it paid $34.77 million for it.

The previous owner, Investcorp International Realty, paid $32.6 million for it in 2019.

The gated complex is at 2120 Village Park Road off of East Baker Street and about a mile from Interstate 4.

Northland, in its statement, says the garden-style apartment community was built in 2000 and sits on about 20 acres. It is made up of 11 three-story buildings, two two-story buildings and a single-story clubhouse.

According to its listing on apartments.com, the property is made up of one- to three-bedroom units ranging in size from 761 square feet to 1,290 square feet. That unit mix, Northland says, includes 64 one bedrooms, 120 two bedrooms and 64 three-bedrooms.

Beyond changing the community’s name, the company plans to install a SmartRent technology package — smart thermostats, keyless entry pads and water detection sensors — as well as introduce valet trash service and install bulk internet across the community. It also plans to add fences on all first units and improve amenities for the fitness center and clubhouse.

Northland, according to the statement, has $8 billion in assets under management, including more than 26,000 residential units, 1.3 million square feet of commercial space and a $3 billion development pipeline.

And it is no stranger to Florida.

According to a list of properties posted on its portfolio online, Northland currently owns 24 properties statewide. That includes four communities in Fort Myers, two in Bradenton and one each in Tampa, Land O’Lakes, Bonita Springs and Sarasota.