PALM HARBOR, FL-Chicago-based Waterton Residential closed one of the few remaining bulk condo deals in the Tampa area. The firm snapped up 509 of the 774 units at Lansbrook Village, a condo project originally developed by the Pritzker family’s development arm, Centergate Residential. Individuals own the remaining units in the complex.

Waterton bought the units from ST Residential, and partnered with Stratus Development and KMG Partners on the transaction. Boca Raton-based Apartment Realty Advisors represented Waterton. These 509 units within Lansbrook Village were acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.

“This was an off market transaction, so we were able to get to the seller through a relationship,” Max Peek, VP of Acquisitions at Waterton, tells GlobeSt.com. “The physical product is very nice, and it’s spread out on 85-plus acres. It’s pretty rare to have such low density for a project that size. And the pricing was very good relative to other opportunities we’ve seen in the market.”