{"id":422147,"date":"2026-10-08T11:00:08","date_gmt":"2026-10-08T11:00:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/422147\/"},"modified":"2026-10-08T11:00:08","modified_gmt":"2026-10-08T11:00:08","slug":"canadian-real-estate-firm-strikes-84-million-deal-involving-largo-apartments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/422147\/","title":{"rendered":"Canadian Real Estate Firm Strikes $84 Million Deal Involving Largo Apartments"},"content":{"rendered":"

Canadian real estate<\/a> firm H&R REIT has reached an $84.3 million agreement to buy out its investment partner in two Florida apartment developments<\/a>, including Lantower Bayside in Largo<\/a>, giving the company full ownership of both properties before they reach stabilized occupancy.<\/p>\n

The Largo development, a 271-unit apartment complex on 8.4 acres at 16485 U.S. Highway 19 N., consists of four-story buildings with approximately 261,000 square feet of rentable space. H&R\u2019s other property in the deal, the 330-unit Lantower Sunrise in Kissimmee, brings the combined portfolio to 601 apartments, with an original construction budget of approximately $210 million.<\/p>\n

H&R already owns 29.1% of both developments through a joint venture with Lantower Residential Real Estate Development<\/a> Trust, a Canadian investment vehicle established in 2024 to help finance construction. Under the Oct. 5 agreement, H&R\u2019s subsidiaries will acquire the trust\u2019s remaining 70.9% interest for an estimated $77.9 million after management fees and carried interest, consolidating ownership under the company\u2019s Lantower residential business.<\/p>\n

The buyout<\/a> gives the development trust\u2019s investors an early exit rather than requiring them to wait for the properties to reach stabilized occupancy<\/a>, a risk its independent committee cited in recommending the sale. The agreement, which follows H&R\u2019s Aug. 11 announcement of a pending change of control involving GO Residential Real Estate Investment Trust, provides for a return tied to a 20% annualized gross-return formula before fees and carried interest.<\/p>\n

Investors in the development trust are expected to receive approximately $15.15 per U.S.-dollar unit or C$15.65 per Canadian-dollar unit, compared with their original $10 investments, before certain additional deductions. H&R expects the transaction to close in the fourth quarter, subject to approvals from the trust\u2019s investors and shareholders involved in the broader H&R transaction.<\/p>\n

The companies have not disclosed how much of the $84.3 million purchase price applies to the Largo development or provided separate construction, leasing or occupancy figures for either property.<\/p>\n

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