Central Florida Community Trades for $24M
- May 05, 2017
Marcus & Millichap has brokered the sale of a 278-unit community in Winter Haven, Fla., formerly known as Cypress Gardens Apartments. Dominium acquired the property in a $24 million deal and rebranded it as Della Vita Apartments.
Frank Carriera and Michael Regan, senior managing directors of investments at Marcus & Millichap’s Tampa office, represented the seller, an entity affiliated with Ontario-based Jaymor Group, and procured the buyer. According to public records, the transaction benefitted from a $21.8 million acquisition financing originated by TCF National Bank.
Located at 4200 Mahogany Run, Della Vita Apartments was completed in 1990 and has recently undergone extensive renovations. The property consists of 35 two-story residential buildings and three one-story buildings that serve as a leasing office, clubhouse and on-site storage facility. Amenities include two swimming pools with sundecks, parking lot for boats and trailers, and a paved picnic area.
“Cypress Gardens Apartments has received more than $3.6 million in interior and exterior renovations since 2012,” said Carriera in prepared remarks. “Recently, upgrades were completed on all unit interiors and when we went to market, the pre-leased occupancy was 93 percent.” he added.
The new owner plans further upgrades later this year that will include adding washers and dryers to all units, improving kitchen cabinets, upgrading countertops, landscaping and installing energy efficient lighting. The community is close to Polk State College, Florida Polytechnic University and a 1-million-square-foot Amazon fulfilment center that is less than 30 miles away. Della Vita Apartments will rent at market rate.
“We believe that through our planned renovations, it will provide an opportunity for residents to move into market-rate units once they have achieved a higher income and no longer qualify for affordable housing.” said Michael Hudson, development associate at Dominium, in a prepared statement.
Images courtesy of Yardi Matrix