Anchor Health Properties plans to spend about $3 million for upgrades.

"By moving the small bay product into its own specialty practice, we can make the process more efficient and cost effective for our clients."

Northland is the second largest multifamily owner and operator in Florida.

The entire industrial market throughout Central Florida remains very active.

The company is planning significant renovations for both properties.

"Jobs, jobs, jobs is our mantra—we go where there's job growth, which follows population growth."

The properties are located in Florida cities of Naples, St. Petersburg and Clearwaters as well as one in Greenville, SC.

Rents will be around $2,000 per unit on units averaging just under 1,100 square feet.