Tampa-based Robbins Property Associates has now assumed ownership of Highpoint Club Apartments in Orlando, following a $30 million deal. The price amounts to $86,207 per unit.
The sale of the 348-unit apartment community was arranged by Institutional Property Advisors, a firm hired by seller Sentinel Real Estate Corp. to market the property.
“This institutional-quality asset possesses enormous upside potential,” says Jamie B. May, an executive director of IPA. “The new owner can continue to upgrade units in order to realize the property’s full potential, which will provide the opportunity for rent increases as the market improves.”
The 43-building multifamily community is located in the Waterford Lakes neighborhood, within the high-performing University/East Orange County submarket; the location provides residents with a convenient driving distance from major employment centers such as the University of Central Florida, Central Florida Research Park and downtown Orlando. Access to retail is also within reach, given the proximity to Waterford Lakes Town Center.
Highpoint Club Apartments consists of 43 two-story residential buildings with 176 one-bedroom/one-bath units and 172 two-bedroom/two-bath units. Amenities include a well-appointed clubhouse with Wi-Fi and large screen TV, a resort-style swimming pool with spa, a resident business center, an illuminated tennis court and basketball court, 86 individual garages, a car care center, a private dock on the adjacent lake, a 24-hour fitness center and an onsite laundry facility.
The property’s fully equipped kitchens include breakfast bars and full-size washer/dryer connections. All top floor units have vaulted 15-foot ceilings, and the buildings themselves include private ground floor entrances and foyers, sunrooms, extra interior storage and spacious walk-in closets.