Orlando Apartment Community Changes Hands for $32M
- Jun 14, 2016
Orlando–In a $32.1 million deal, Blue Rock Premier Properties sold The Park at Sutton Place Apartments in Winter Park, Fla. to The RADCO Co., a national real estate acquisition and redevelopment company. The transaction was brokered by CBRE Orlando.
RADCO rebranded the 288-unit community as Lakeside at Winter Park, and plans to invest $3.7 million in capital improvements. The firm financed the acquisition and forthcoming renovation for the community using private capital and financing from BBVA Compass. The community will be managed by RADCO Residential, the company’s proprietary management platform.
“This is an exciting property located in a wonderful neighborhood,” Norman Radow, founder & CEO of The RADCO Cos., said in prepared remarks. “Our close proximity to Full Sail University presents a unique opportunity for RADCO. […] we are confident we can create the perfect balance of improved services, amenities and apartment upgrades that promote the value proposition for our residents.”
Lakeside at Winter Park was built in 1986 and consists of 16 two- and three-story buildings and a total of 570 parking spaces spread across 26.5 acres. The property’s units are evenly split between one- and two- bedroom floorplans and average 888 square feet. The community has three lakes on-site, and over half of the residences have water views. Property amenities include an open clubhouse and office, business center, oversized fitness center, car care center, racquetball, volleyball and tennis courts, and two swimming pools. The community also boasts large outdoor spaces, with a dog park, courtyard, pergola and green spaces encouraging a healthier living experience. According to Yardi Matrix, median monthly rents as of May 2016 were $1,013.
RADCO plans to modernize and upgrade the units, renovate the clubhouse, offices and other amenity areas. The scope of the improvements includes reimagining the current outdoor spaces to add grilling areas, a fire pit and seating nodes. Notable improvements to the landscaping and building exteriors are also planned, along with transforming the fitness center. Moreover, a proposed rock climbing wall could be added, which would be unique to the community. Interior renovations will include upgraded flooring, new two panel interior doors, modern lighting, hard surface countertops and new appliances.
This acquisition marks the firm’s fourth deal of 2016 in The Sunshine State, as well as its first in the Orlando market. The company currently owns three other properties in the Clearwater-Tampa market. RADCO targeted Lakeside at Winter Park for its location in one of the most desirable, affluent and supply-constrained Orlando submarkets.
Photos courtesy of The Park at Sutton Place website