Real estate investors are snatching up available apartment properties in Central Florida like hotcakes — both old and newer complexes.
Four complexes traded hands in the last few weeks for a combined $130.2 million, led by the $61.5 million sale of the Citra at Windermere apartments this week in the booming Horizon West master-planned community in west Orange County.
Here’s a closer look at the sales:
Citra at Windermere: Los Angeles-based JRK Property Holdings’ related Citra Apartments Property Owner LLC on Jan. 7 bought the 360-unit Citra at Windermere on Reams Road from Palm Beach Gardens-based developer Ram Realty Services’ related Lakeside Village Residences LLC for $170,833 per unit, Orange County records showed. The $45 million project broke ground in fall 2012, and it was completed in 2013.
Cypress Lake at Waterford Apartments: Beverly Hills, Calif.-based PRG Cypress Lake LLC on Dec. 16 spent $44 million, or $139,241 per unit, to buy the 316-unit complex in east Orlando from City National Bank of Florida as trustee, county records showed. The complex was built in 2001.
Madison Carrington Place: Tampa-based Carrington Place Property Holdings LLC bought the 224-unit, 28-year-old Madison Carrington Place apartments in DeLand for $14.3 million, or $63,839 per unit, from Yardley, Penn.-based BPG Development Co. LP’s related Arbors Apartment Associates LLC, Volusia County and state records showed. Shelton Granade,Luke Wickham, and Justin Basquill of CBRE Inc. represented the seller in the sale, which closed on Dec. 18.
Waterstone: Miami Lakes-based FVP KP Waterstone LLC spent $10.4 million, or $50,000 per unit, on the 208-unit Waterstone Apartments in northwest Orlando’s Rosemont neighborhood. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street Real Estate Services represented the seller, Woodland Hills, Calif.-based Walsh Bella Mar Investments LLC, and the buyer in the sale, which closed on Dec. 17.