The Retreat at Lakeland is a 464-unit apartment community located in Lakeland, Florida. Covenant Capital Group is an expert at finding communities in need of attention and turning them into quality institutional assets. The experience at Retreat at Lakeland highlights both Covenant Capital Group’s expertise and the current market opportunities.
The property was acquired in 2017 for approximately $106,000 per unit. Covenant Capital Group managed a $14,700 per unit renovation that included enhancing kitchens and bathrooms with granite countertops and stainless-steel appliances, installing luxury vinyl flooring, and refining the interior of 100% of the units. Exterior improvements included new roofs, new siding and paint, an entry gate, and redesigned common amenities.
From purchase in 2017 to sale in 2021, rent grew by more than 36%, and the property sold for approximately $163,800 per unit. Retreat at Lakeland is one example of how Covenant Capital Group enhances a neighborhood, revives an underappreciated asset, and rewards its clients.