Polk County apartment sale is a bellwether of what’s to come in Florida's multifamily market
verso Luxury Apartments in Davenport recently sold for more than $57 million.

By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 9, 2021

The sale of a newly built Polk County apartment property is a bellwether of what’s to come in Florida’s multifamily market.

Verso Luxury Apartments, a 250-unit community off Osceola Polk Line Road in Davenport, sold for $57.75 million in late March, according to Polk County property records.

Its sale price of $231,000 per unit is a record-breaking figure for Polk County, according to Berkadia, which marketed the property for sale. The brokers behind the deal say that the pricing is a result of the property’s unique setup — it’s a low-density community, and all 250 units have private entrances — as well as Florida’s surging population growth. It’s also next door to the 96,750-square-foot Ovation Town Center, giving it a walkability factor that’s rare in suburban properties.

Berkadia managing directors Matt Wilcox and Brett Moss, along with associate Tyler Swidler, represented the seller, Indianapolis-based Garrett Cos., in the transaction. It is buyer TTI Capital’s first acquisition in Florida. Garrett Cos. developed the property, wrapping up construction in 2020.

“Verso, in light of some competition in the immediate area, had a very consistent lease-up,” Moss told the Business Journal, “and we think a huge reason why is because of the highly differentiated product type. I firmly believe being the antithesis of commodity helped lease-up that deal as well as it did.”

Garrett Cos. is developing the same type of property in Fort Myers, and the Berkadia team anticipates the developer will see the same success with that project.

“The renter demographic has changed,” Wilcox said. “Apartments are no longer just a starter [residence], and then you go get a house and stay with the same company for 30 years, and you build a pension and retire in the same city you started in. And retirees want to be mobile, too.”

Breaking down the deal

Property: Verso Luxury Apartments, Davenport Units: 250 Built: 2020 Developer and seller: Garrett Cos. Buyer: TTI Capital Seller representation: Berkadia