By Alex Ciorogar
VennPoint Real Estate sold a 240-unit multifamily property in Davenport, Fla. Beachwold Partners LP bought the asset for more than $31 million. The Village at Town Center was a fractured condominium, but VennPoint successfully recuperated its units.
“We were able to identify the opportunity, and we were confident in our ability to create tremendous value for our investors in less than 18 months,” said Rob Palley, partner at VennPoint, in prepared remarks.
Located in the rapidly-expanding Orlando metro area, the property features easy access to major highways, top employment hubs and major retail destinations. Amenities include a large clubhouse, a resort-style swimming pool, a fitness center and a tennis court. According to CBRE, the community had a 90 percent occupancy rate at the time of sale.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller.
Image courtesy of CBRE