A partnership between The Bascom Group, East Hill Capital and Leste Group has paid $68.5 million for Enclave at Lake Ellenor, a 320-unit multifamily property in Orlando, Fla. Starwood Property Trust provided the acquisition loan, with help from Berkadia.
The property last traded in 2016 when Timbercreek Asset Management sold it to Robbins Electra for $26.2 million. A second development phase of the 1973-built community began last year on an adjacent 1.7-acre parcel. The project, which was slated for delivery this year, called for a 50-unit expansion, according to Yardi Matrix data.
The 22-acre property at 2100 W. Oak Ridge Road features a mix of one- to three-bedroom apartments, with units ranging between 520 and 1,360 square feet. Residents have access to a gym, a clubhouse, a tennis court, two swimming pools, laundry facilities and approximately 600 parking spaces.
Enclave at Lake Ellenor is roughly 7 miles south of downtown Orlando, in an area with numerous retail and entertainment options. The property is within 5 miles of the Universal Orlando Resort and 15 miles from the Disney World Resort. The retail corridor along South Orange Blossom Trail, which includes a Walmart Supercenter, is within walking distance of the community.
Upon closing, Enclave at Lake Ellenor was 97.8 percent leased. Cushman & Wakefield has been selected to manage the property.
The partnership is planning extensive capital improvements at the community. The overhaul will include modernizing the common areas as well as upgrading the in-unit appliances and furniture, plumbing and light fixtures. SD Cap Construction Management has been tapped to handle the renovation process.
The Bascom Group, which specializes in value-add acquisitions, has been expanding its multifamily portfolio this year. In November the company acquired Sierra Point, a 147-unit community in Sun Valley, Nev., for $31 million. SD Cap is in charge of interior renovations.
In late October, the company acquired a 216-unit property in Las Vegas for $49.6 million. Bascom has selected the same construction management company to handle renovation work.