Insula Companies Grabs Two C-Fla Communities
- Nov 03, 2014
Sarasota-based Insula Companies has recently announced two multifamily acquisitions. One of the properties is located in the Orlando Metropolitan Area in Kissimmee and the other in Lakeland, around halfway between Orlando and Tampa.
Established in 2009, Insula Companies is a group of privately held companies involved in the acquisition, improvement, and management of Florida and Georgia apartment communities. With properties in Orlando as well as Tampa, Jacksonville, Lakeland and throughout Southwest Florida, the partnership has provided investors with a portfolio of more than 3,300 units and $200 million in assets in Florida-based complexes. Its acquisition strategy targets 15 to 40 years old class B or C properties with at least 150 units and value-add potential.
The Lakeland property, Woodlake Gardens is located at 1475 Woodlake Drive. It was built on 12 acres of waterfront land in 1975 and features 188 units with more than 215,000 rental square feet. The transaction was worth $10.3 million and the new owner plans to invest another $1 million in renovations, which includes the addition of a new community clubhouse.
Built in 1975 and thoroughly renovated in 2008, Belleza is located at 1365 W. Donegan Avenue in Kissimmee, Florida, directly adjacent to another Insula property, The Valencian. 176 one, two, and three bedroom units are included in the community that changed hands for $13.25 million
The two properties mark the firm’s 14th and 15th acquisitions since entering the local Florida market in 2009.
Photo credits: Belleza via Facebook