Lake Wales Portfolio

Colliers, as exclusive agent, is pleased to introduce you to the Lake Wales Portfolio. Conveniently located just 33 miles outside of Orlando, FL, and 47-miles away from Tampa, FL, this 26-unit portfolio is well-positioned for future growth thanks to its proximity to employment, entertainment and upside in net operating income via a strategic value-add program. Lakes Wales Portfolio consists of two properties, Lakeview and Big Oaks apartments. The two communities are conveniently located across the street from each other providing seamless economies of scale. For a new operator, there is an opportunity to increase effective gross income $26,000 in Year 1 by reducing the embedded loss-to-lease, implementing utility billbacks and renting out the current unit being used as an office. Units are a healthy mix of 15 studio, 3 one-bedroom/one-bathroom, 5 two-bedroom/one-bathroom, 1 two-bedroom/two-bathroom, 1 three-bedroom/one-bathroom and 1 three-bedroom/two-bathroom floorplans. The properties are majority single-story concrete block construction built between 1954-1977. Lakeview has an on-site laundry room and both properties are on well and septic which greatly minimizes operating expenses. Presently, only ten units pay for their own electric, ten units have cable and internet included in the rent and well, septic and trash pickup are included in the rent for all units providing immediate upside for a future owner to capitalize on.

The Lake Wales Portfolio is located in Lake Wales, FL which is a fast-growing metro conveniently located between Tampa and Orlando. Lake Wales is known as the “Crown Jewel of the Ridge” due to its scenic rolling hills, unique biodiversity and historic charm that features iconic landmarks like Bok Tower Gardens and Spook Hill. Additional entertainment options residents are in proximity too include: Legoland, Cypress Gardens, Fantasy of Flight, Walt Disney World, SeaWorld and Universal. The properties are conveniently located near Polk State College, Warner University, Florida Polytechnic, Winter Haven Hospital, AdventHealth Lake Wales, shopping, dining and entertainment. Located right along US-Highway 17, the metro has emerged as a key logistics hub. Publix, Walmart, Coca-Cola, Ford, FedEx, Amazon, Aldi and Sherwin Williams all have major presences within 15-miles of Lake Wales. The Lake Wales local economy has exhibited serious growth. Welcoming new businesses, jobs and capital to the community every day. Lake Wales population is projected to triple over the next ten years providing numerous tailwinds for the Lake Wales multifamily sector.