The Opportunity: Acquire a newly renovated mixed-use community with 56 multifamily units, 3 commercial spaces and 1 on-site management office. Cash flow while you plan your phase 2 development. Develop an additional pre-approved 80 units with potential for further development of up to another 85 multifamily units on the same parcel. This classic covered land play balances immediate returns with long term value creation. Lake Wales has waived all impact fees for future development on the parcel. $2MM in capital improvements under current ownership. The 56 studio units were completely renovated including new roofs, all new electric and plumbing, new lvp flooring, new bathrooms, new hot water heaters, new kitchenettes, new pvc fencing, new doors and new interior and exterior paint. Lake Wales, located along Highway 27 in Central Florida, is experiencing rapid growth driven by regional population migration, logistics expansion, and rising demand for workforce housing. The population within a five-mile radius is projected to increase more than 14% over the next five years, reaching approximately 40,401 residents by 2025. Positioned at the crossroads of Central Florida’s booming population and logistics corridors, Polk County offers strong job growth, surging housing demand, and attractive returns for investors seeking long-term appreciation and cash flow opportunities. In More Detail: La Provence Studio Apartments represents a rare opportunity to acquire a fully renovated and stabilized 56-unit studio apartment community with 3 commercial spaces and 1 on-site manager’s office on one 8.84 acre parcel. 5+/- acres for additional development remain, with phase 1 of the project featuring 80 additional multifamily units having been pre-approved. The property has additional potential to add more multifamily, self-storage, or other product types. Current high density residential zoning allows for a total of 225 multifamily units, meaning that an additional 165 units can be developed. Lake Wales has waived all impact fees for future development on the parcel. This offering combines stabilized cash flow with significant upside potential through expansion, allowing an investor to scale operations and benefit from the rapidly growing Lake Wales market. Built in 1959 and renovated in 2024, La Provence Studio Apartments features 56 studio units averaging 393 SF and 4 commercial spaces that range from 548 SF - 1,104 SF. On-site property management currently occupies one unit, with Karla Produce occupying the largest space, a painting company occupying another unit with the remaining unit to soon be leased by a local church. Rent includes electricity, gas, water, sewer, trash, and pest control, with 33 of the studio units featuring private patios. La Provence features concrete block construction with pitched shingle roofs. $2MM in capital improvements include new roofs, all new electric and plumbing, new LVP flooring, new bathrooms, new hot water heaters, new fixtures, new kitchenettes, new PVC fencing, new doors, and new interior and exterior paint. The +/- 5-acre development opportunity features 80 additional multifamily units having been pre-approved. The proposed site is located south of the existing structures. There is an additional opportunity, similar in size, on the north side of the parcel to develop additional multifamily, self-storage, or other product types. Future land use is high-density residential and ownership has received a Special Exception Use Permit Approval for a Mixed-Use Planned Development at this site. Minimum living area reduced to 300 SF where 650 SF is required by code. Parking space dimensions reduced to 9’ x 18’ where 10’ x 20’ is required by code. The lakefront property features flat topography and accessible city utilities are adjacent to the existing community. Lake Wales, located along Highway 27 in Central Florida, is experiencing rapid growth driven by regional population migration, logistics expansion, and rising demand for workforce housing. The population within a five-mile radius is projected to grow by more than 14% over the next five years, reaching approximately 40,401 residents by 2025. The area also boasts a strong income base, with an average household income of $79,770. Lake Wales benefits from several economic drivers, including a growing distribution and manufacturing sector supported by proximity to the CSX Intermodal Terminal, Walmart Distribution Center, and its location between Tampa and Orlando. Healthcare continues to expand with facilities such as AdventHealth Lake Wales and BayCare, serving the community, while tourism and recreation thrive thanks to attractions like LEGOLAND Florida and Bok Tower Gardens. The city faces limited new rental inventory, contributing to strong rent growth fueled by continued in-migration across Polk County.