Orlando Apartments Sold for $48M
- Oct 19, 2018
Taurus Investment Holdings LLC acquired the Canopy Apartment Villas, a 296-unit multifamily community in Orlando, Fla., from a joint venture between Robbins Property Associates and LEM Capital, for $47.95 million.
Cushman & Wakefield facilitated the transaction on behalf of the sellers. The community was 96.3 percent occupied at the time of the sale.
“Central Florida’s strong demand for well-located, infill multifamily continues to be driven by job and population growth,” Jay Ballard, Cushman & Wakefield’s senior director, capital markets/multifamily advisory group, told Multi-Housing News. “And in the case of this specific asset, it is a well stabilized asset with a light ‘value add’ opportunity.”
Located at 5762 Folkstone Lane, the Canopy Apartment Villas offers 56 one- and two-story villa- and townhome-style residential buildings with a mix of one-, two- and three-bedroom units averaging 1,090 square feet. Units boast private entries, ceramic tile flooring, modern maple cabinetry, and a wood-burning fireplace. Select units contain stainless steel appliances, 16-foot vaulted ceilings and California closets.
“This is a well located, single story ‘townhome’ style multifamily property, originally built in 1981. However, with various upgrades completed under the two previous owners, the ‘effective age,’ in my professional opinion, is more like mid to late ’90s,” Ballard said. “The single-story nature lends the property to feel more residential than a traditional three-story garden multifamily property.”
This property offers two resort-style swimming pools, with poolside grilling stations, a fitness center with 24-hour access, dog park and car care area.
According to Ballard, the new owners are also looking into the possibility of adding additional amenities and has indicated that they are planning on making some upgrades to the property.
Since 2015, the sellers have invested approximately $3 million in capital improvements to the property. Among the renovations were upgrades to the dog park, new summer kitchens at both pools, the clubhouse and fitness center. There was also new signage and landscaping added.
The prior owners added new roofs, windows and siding between 2008 and 2015, as well as fencing around apartment patios, new appliances, new flooring and upgraded HVAC units.
The Canopy Apartment Villas is situated approximately 5 miles north of the Orlando International Airport off Semoran Blvd., and about 6 miles from downtown Orlando and the CBD. The asset is also just 8 miles southwest of the University of Central Florida.
Joining Ballard on Cushman & Wakefield’s Florida Multifamily Team was Ken Delvillar.
In June, Robbins Property Associates acquired Aventine at Boynton Beach, a 216-unit garden-style community in Boynton Beach, Fla., for $43.9 million.
Images courtesy of Cushman & Wakefield