Insula Property Washes Up in South Orlando
- Oct 20, 2015
Waterview, a 360-unit gated apartment community situated in the South Orlando submarket near the Mall at Millenia has recently changed hands.
Insula Companies sold the property at 4937 Waterway Court to BK Real Estate Fund LP, a national real estate advisory and investment firm. The $20.9 million deal was arranged by CBRE Investment Properties.
Waterview was built in 1988 on a parcel of more than 31 acres, which translates into a density of under 12 units per acre. Located just south of downtown Orlando, along Lake Tyler, the community benefits from quick access routes to major demand drivers such as Universal Orlando Resort or the city’s central business district. The property is also just minutes from top retail centers and dining destinations. On-site amenities include two swimming pools, a clubhouse, a fitness center, several sport courts, business center, and a laundry facility.
The community was 95 percent occupied at the time of closing. CBRE’s Central Florida Multifamily team, which represented the seller in the transaction, was led by Vice Chairman Shelton Granade, Senior Vice President Luke Wickham and Assistant Justin Basquill.
Photo credit: CBRE