Eagle Property Pays $49M for Orlando Apartments

The value-add community came online in 1986.

Windrift, a multifamily community in Orlando, Fla.

Windrift in Orlando, Fla., has “strong value-add potential,” according to IPA Executive Managing Director Shelton Granade. Image courtesy of IPA

Eagle Property Capital has purchased Windrift, a 288-unit multifamily property situated in Orlando, Fla. The property traded for $48.5 million, Yardi Matrix data shows. Marcus & Millichap’s Institutional Property Advisors brokered the transaction, representing the seller, Bridge Investment Group.

The growing employment market in Orlando, as well as Windrift’s strong value-add potential is what attracted the buyer, according to Shelton Granade, IPA executive managing director. Furthermore, the community located at 949 Crowsnest Circle is close to dining and entertainment options, with large retail destinations such as Waterford Lakes Town Center less than 10 miles away.

Completed in 1986, the property offers easy access to AdventHealth East Orlando and the University of Central Florida. Orlando International Airport is within 12 miles, while the city’s central business district is 8 miles away.

Common-area amenities at Windrift include a 24-hour fitness center, covered playground, as well as community green space and a swimming pool. The one- and two-bedroom apartments at the community have open-concept floorplans, also including washers and dryers and screened patios.

The IPA team that facilitated the deal included Granade, as well as Luke Wickham, senior managing director, and Justin Basquill, first vice president. The three were also part of the team that closed on another significant multifamily Florida sale this month, when Sinatra & Co. bought 361-unit asset in Tampa.

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