Dominium Management Services LLC has acquired Chowder Bay Apartments, a 304-unit rental community in Orlando, Fla., from Fieldstone Properties LLC for $21.28 million.
Franklin Street Real Estate Services in Tampa represented both parties in the transaction.
“Any multifamily deal in Central Florida is a red-hot property and the buyer demand is off the charts,” Darron Kattan, Franklin Street’s managing director, Tampa, told MHN. “For this particular deal, the buyer owns two adjacent properties that they just did massive rehabs on so they were motivated to buy this, as the current owner had let the property go and it needed a capital infusion to bring it back to a good level.”
Located at 4700 Rio Grande Ave., Chowder Bay Apartments units feature spacious closets, cable television and a dishwasher.
The gated community amenities include a fitness center, two pools, two tennis courts, laundry facilities, a leasing office and a large clubhouse. As it sits today, many of the amenities are unusable, and according to Kattan, the buyer plans a significant rehab to all the amenities to bring it back to a higher standard.
“The asset was sold without the need to put effort into a wide scale marketing effort,” Kattan said. “This transaction is clear evidence of the continued insatiable demand for apartment investments in Central Florida.”
The property is conveniently situated in a fast-growing area of south Orlando within minutes of Interstate 4 and State Road 441.
“While it is a blue collar, lower income area, it is infill and close to many employers and job centers such as the Mall at the Millenia, which is two miles from the property,” Kattan said. “The street right in front of the property, Holden Ave, is in the process of being expanded by the city. It is being widened and they are adding a new stretch that will connect it to John Young, another major thoroughfare in the area. This will make access to the mall and I-4 even easier and ease some of the congestion in the area.”