CBRE Leads Sale of Orlando Community
- Jan 10, 2017
By Robert Demeter
Orlando—CBRE Group Inc. has facilitated the sale of Stonecastle Apartments, a 220-unit, gated multifamily community in Winter Park, Fla.
Miami-based investment firm Pensam Capital acquired the community from an affiliate of the Stoneleigh Cos. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller in the transaction. The sale price was undisclosed, but according to Yardi Matrix, back in 2013 Stoneleigh purchased the asset for $21.3 million from Capri Capital Partners.
Located on 17 acres at 2015 Stonecastle Terr., close to the corner of South Semoran Boulevard and Howell Branch Road, the luxury community consists of eleven two- and three-story buildings with one-, two- and three-bedroom residences. Interiors are equipped with washer and dryer units and property amenities include a fitness and business center, clubhouse and tennis court. The community also offers 54 detached garages and 42 storage units, as well as 440 parking spaces. At the time of the sale, Stonecastle Apartments was 99 percent occupied.
“Stonecastle is one of the very few multifamily communities built in 2000 or newer with an exclusive Winter Park address,” Shelton Granade, vice chairman with CBRE Capital Markets, said in prepared remarks. “Investors were really drawn to the location as well as the potential value-add upside, both of which helped make this asset very competitively bid.”
Photo courtesy of Yardi Matrix