INVESTMENT: Engler Places Florida Class A Apt. Community on the Market
- Sep 08, 2010
Lake Mary, Fla.‑Engler Financial Group, LLC has been selected as the exclusive sales agent for Bentley Park at Timacuan.
Bentley Park at Timacuan is a 310-unit Class A apartment community built in 1999 in Lake Mary, Seminole County, Fla. The property is located just off Rinehart Road within the upscale Timacuan golf course community of Lake Mary.
Bentley Park is being offered for sale on an “unpriced” basis and represents an excellent opportunity to purchase a core Class A multifamily community at a significant discount to new replacement cost. A moderate rehab of the property’s kitchens could potentially enhance revenue generation while solidifying the property’s position among the competitive set.
Bentley Park is located just inside the main entrance to Timacuan, one of Seminole County’s most desirable planned residential communities. Development of the community began in the late 1980’s and today Timacuan is 100 percent built-out with over 500 single-family homes in nine distinct neighborhoods. The entire development is spread over 400 acres which includes 90 acres of common areas. Home prices in Timacuan typically start at $350,000 and can range up to $1 million plus.
The focal point of the community is the Timacuan Golf and Country Club, an 18-hole semi-private facility which fronts a portion of the Bentley Park site. The Timacuan Golf Course is consistently ranked in the top twenty in Florida and is also home to the Mike Bender Golf Academy, the 2009 PGA National Teacher of the Year.
Bentley Park offers nine distinctive one, two, and three-bedroom floor plans, which average a spacious 1,108 air-conditioned square feet. The property’s 31-acre site has a relatively low site density of only ten units-per-acre. Abundant landscaping, scenic views of the Timacuan golf course, and an attractive brick perimeter wall lend a secluded feel to the community.
Bentley Park’s 36 two-story residential buildings feature a “Big House” architectural design which gives the community an exclusive singlefamily look and feel. All units feature direct private entries and are located at the corners of each building. Select units include direct-access garages, lofts with vaulted ceilings, and large wrap-around covered patios.
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Recent data indicates that multifamily construction throughout the Orlando MSA has dramatically decreased this year. Year-to-date through the second quarter 2010, only 202 units were completed in the entire metropolitan area, and no units were completed in Seminole County. The dramatic slowdown in construction activity in Seminole County can be attributed to a number of factors, including the lack of available vacant land for new development coupled with strict governmental regulations in the entitlement process.