IPA Sells $30M Asset On Behalf of Sentinel Real Estate
- Oct 31, 2012
Orlando—Institutional Property Advisors (IPA) arranged the sale of Highpoint Club Apartments, a 348-unit, 43-building multifamily community in Orlando for $30 million, or $86,207 per unit.
Jamie B. May, an executive director of IPA, advised the seller, Sentinel Real Estate Corp. The buyer is Robbins Property Associates.
“This institutional-quality asset possesses enormous upside potential,” says May. “The new owner can continue to upgrade units in order to realize the property’s full potential, which will provide the opportunity for rent increases as the market improves.”
Concrete-, block- and stucco-constructed in 1995, the property has been well-maintained, adds May.
Well-located in the Waterford Lakes neighborhood within the high-performing University/East Orange County submarket, the 282,200-square foot Highpoint Club Apartments is convenient to numerous employment drivers, including the University of Central Florida, Central Florida Research Park, downtown Orlando and retail amenities such as Waterford Lakes Town Center, a premier 900,000-square foot shopping venue.
Completed in 1995, Highpoint Club Apartments consists of 43 two-story residential buildings with 176 one-bedroom/one-bath units and 172 two-bedroom/two-bath units. Amenities include a well-appointed clubhouse with Wi-Fi and large screen TV, a resort-style swimming pool with spa, a resident business center, an illuminated tennis court and basketball court, 86 individual garages, a car care center, a private dock on the adjacent lake, a 24-hour fitness center and an onsite laundry facility. The property’s fully equipped kitchens include breakfast bars and full-size washer/dryer connections. All top floor units have vaulted 15-foot ceilings, and the buildings themselves include private ground floor entrances and foyers, sunrooms, extra interior storage and spacious walk-in closets.
Crescent Resources buys 993 acres for new mixed-use community
Houston—Crescent Resources LLC has acquired 993 acres for a new mixed-use community in northeast Houston. Planning is under way for a master-planned community of up to 2,259 single-family homes, 540 apartment homes, 50 acres for neighborhood retail and commercial uses and a 40-acre site for a future school. Just one mile from Lake Houston, the property is 10 miles east of the George Bush International Airport and 25 miles northeast of the central business district in Houston.
While planning for the property is ongoing, officials with Crescent describe a vision for a community with multiple family-friendly amenities. According to Steve Yetts, senior vice president of Crescent Resources, “We are developing a plan that is uniquely suited to Houston and sets a new standard for a master-planned community in the market. Our plans will take a desirable location—close to major transportation options, terrific schools and jobs—and transform the property into a great place to call home.”
The Harris County, Texas, property is in the Humble Independent School District, which was recognized by the Texas Education Agency for above-average standardized test scores and high graduation rates in 2010 and 2011. Just 10 miles northeast of Hwy. 59 and Sam Houston Parkway, the property is three miles south of the Atascocita Town Center.
“Our progressive vision for this community is based on how potential residents want to live today, and home builders have demonstrated significant interest in our plans,” added Yetts. Development is slated to begin next year, with the first phase of single-family homesites complete in mid-2014.
Long active in the real estate market in Texas, Crescent Resources is the developer of Twin Creeks County Club and Rough Hollow, both near Austin. The company also developed Circle West Campus, an apartment community serving the students of the University of Texas in Austin. Earlier this month, in partnership with Dallas-based Taylor Duncan Interests Inc., Crescent acquired 250 acres for a new single-family residential community in Oak Point, Texas, just north of Dallas.
“This acquisition is the culmination of an extensive search for the right opportunity to introduce Crescent Resources’ residential division to Houston,” said Andy Carmody, president of the residential division for Crescent Resources. “Along with our existing interests in Austin and Dallas, we now have significant residential positions in three of the four major markets in Texas.”