Insula Cos. has sold Parke East, a 272-unit community in Orlando, Fla., to a private investor, for $44.1 million. Newmark Knight Frank Multifamily brokered the deal and arranged the acquisition financing. At the time of the transaction, the community was 94 percent occupied. The asset last traded in 2016, when the seller acquired it for $29.2 million from Electra America, according to Yardi Matrix files.
The NKF team that assisted the seller included Senior Managing Director Scott Ramey and Vice Chairman Patrick Dufour. Vice Chairman Mitch Clarfield and Managing Director Ryan Greer facilitated a Freddie Mac loan for the new owner.
Completed in 1987 on a 14-acre site at 7721 Silver Pointe Blvd., the community comprises 26 two-story buildings offering a combination of one-, two- and three-bedroom floorplans. The seller executed exterior renovations on the property, including upgrades to amenities such as the clubhouse, gym, two swimming pools, a basketball court and a dog park.
The community is roughly 8 miles east of downtown Orlando and 1 mile from the junction between South Goldenrod Road and Curry Ford Road. Several dining and shopping opportunities are available within a 3-mile radius.
In January, Dufour lead another brokerage team that negotiated the sale of Oasis at Sarasota on behalf of Picerne Real Estate Group and Equity Resources.