FVP KP Waterstone L.L.C. has acquired Waterstone Apartments, a 208-unit community, for $10.4 million or $50,000 per unit, Franklin Street Real Estate Services announced recently.
Franklin Street arranged the deal between FVP KP Waterstone, a partnership based in Tampa and Miami and backed by equity from South America, and a private seller based in California. Senior Director Kevin Kelleher, Investment Associate Zachary Ames and Managing Directors Darron Kattan and Robert Goldfinger involved. Agency financing was obtained as part of the sale.
Located at 5224 Long Road on a 16.3-acre plot in the Rosemont North submarket, Waterstone is part of a densely populated residential area minutes from Interstate 4, Altamonte Springs and downtown Orlando. Completed in 1991, the property offers a variety of two-, three-, and four-bedroom homes ranging from 1175 to 1677 square feet in size. Common amenities include a swimming pool, playground, car wash, activities area, grilling area, and a newly renovated fitness/health center.
According to Kattan, the seller had carried out an exterior renovation of the buildings and proceeded to interior updates as well. “The rent increase they were already achieving was significant and the buyer will do more exterior work and continue the interior renovations to stabilize the property at a much higher NOI than it had previously achieved,” he added in the statement.