Deancurt Realty Group Buys Orlando Apartments

The firm purchased the suburban 208-unit Class B community for nearly $24 million, financing the acquisition with a loan and line of credit.
Veranda Apartments

Rath, Harper & Associates has sold Veranda Apartments, a 208-unit Class B community near Orlando, Fla., for $23.8 million, according to Yardi Matrix. TD Bank provided a two-year, $2.4 million loan and an $18 million line of credit to the buyer, Deancurt Realty Group. The new owner selected Aspen Square Management to handle property operations.

Located at 155 Veranda Way in Mount Dora, Fla., the community’s 10 buildings are positioned on a 22.5-acre parcel 25 miles northwest of Orlando. The property benefits from an on-site bus stop operated by Lake County, connecting the area to the metro’s wider LYNX network. The nearest supermarket, a Publix, is a mile and a half south along U.S. Highway 441.

The community’s one- and two-bedroom units offer floorplans ranging from 619 to 955 square feet. Veranda’s amenities include a clubhouse, swimming pool, business center, laundry facility and fitness center. In December 2018, the asset was 96.2 percent occupied, per Yardi Matrix data.

Earlier in January, another Class B asset changed hands, 30 miles to the east in the suburb of Winter Park. Avesta Communities sold the 348-unit community for more than $45 million.

Image courtesy of Yardi Matrix