Sarasota, Fla.—Insula Cos. has reached the milestone of $100 million in property acquisitions this year with the recent purchase of Calibre Bend Apartments in Winter Park, Fla. The two-story, 212-unit property was purchased for $29 million from a private insurance company on Oct. 7.
Previously owned for 25 years. the community underwent a $6.3 million renovation in 2009 addressing all major capital items including the replacement of all exterior siding and windows, putting up new roofs and a redesign of its clubhouse. The 212 units average about 1,047 square feet and sit on nearly 15 acres of land.
A Sarasota-based firm specializing in apartment community acquisition and revitalization on behalf of private investors, Insula has properties in Tampa Bay, Orlando, Lakeland and throughout Southwest Florida. This purchase marks their 26th since the firm began operations in 2009.
“Our team is proud to have consistently built upon successes to have reached this significant point for our company,” said Fred Cochran, president of Insula Cos.
Located adjacent to Full Sail University and close to UCF, the property offers a variety of living options and has maintained a best-in-class reputation for years. In order to further enhance the community, Insula has planned a $1.5 million makeover project including unit upgrades, enhancing the clubhouse and pool area and modernizing other amenities to include a tennis court, a fitness center, a business center, an outdoor grilling area, a sundeck and a car wash station.
The company pursues only the communities considered to have the best future value for investors. The community must be a 15-to-40-year-old class B or C property with a minimum of 150 units, present value-added potential through cosmetic or substantial rehabilitation work and have market-related and/or market-induced challenges to qualify.
This acquisition is Insula’s third purchase in East Orlando this year. Insula Cos. have provided investors with a portfolio of more than 5,000 units and $450 million in assets in Florida-based multi-housing communities.
“It’s rare when a best-in-class property like Calibre Bend becomes available—one that’s been owned for over 25 years by the same institution and recently over-improved. So we jumped at the opportunity to buy it,” Jeff Talbot, principal with Insula Cos., told Multi-Housing News.
Images courtesy of Insula Companies