The GSH Group Pays $63M for Suburban Orlando Asset
The new owner plans to invest roughly $4 million in capital renovations.
The Preserve at Spring Lake. Image courtesy of The GSH Group
The GSH Group has acquired The Preserve at Spring Lake, a 320-unit property in Altamonte Springs, Fla., for $62.8 million. The seller was a private investor, according to Yardi Matrix data.
The new owner revealed plans to undertake a $3.8 million capital improvement program led by Multifamily Commercial Construction.
Renovations at the suburban Orlando property will include both interior and exterior enhancements, including cost-saving efficiencies such as updated parking and installing exterior lighting.
The Preserve at Spring Lake encompasses two buildings, completed in 1972 and 1974. Situated at 849 Wymore Road and at 895 S. Wymore Road, the pet-friendly community includes amenities such as five swimming pools, a 24-hour fitness center, a business center, a tennis court, two clubhouses and two playgrounds.
GHS selected Bainbridge Cos. to provide property management services. The multifaceted company’s portfolio includes more than Florida 40 communities, according to their homepage. Bainbridge recently sold Luna at Lake Shadow, a 300-unit community also located in metro Orlando.
