Paramount on Lake Eola units sell for $65.2M

A Boston firm, Northland Paramount LLC purchased most of the units in the Paramount on Lake Eola were for nearly $65.2 million, including the area leased by Publix.

The building, 415 E Pine St., is a condominium operated as apartments, with one, two and three-bedrooms. The building also houses the Publix at 400 East Central Blvd., Menchie’s Frozen Yogurt, Pizza-At as well as Sage Dental. According to public records, three of the ground floor retail units and 266 of the 313 residential units were purchased by Northland Paramount LLC,.

The buyer is affiliated with Northland Investment Corporation, which is on a buying spree in Florida, with over $632 million in acquisitions and 5,399 residential units. Northland has recently acquired properties in Ocala, West Palm Beach, Bradenton, Fort Myers, Melbourne, Coconut Creek and Orange City.

Northland calls itself one of the top multifamily owners and operators in the country. It owns 28 other apartment communities or buildings in Florida with the most recent acquisition being The Village at Terra Bella community in Land O’Lakes near Tampa.

The seller for most of the Paramount units was affiliated with a Norwegian real estate investment firm based in New York City, Obligo Real Estate, which had acquired the units in a $100 million foreclosure case filed by Wells Fargo Bank in 2010.

Source: Orlando Sentinel