A partnership between Jacksonville-based Michaelson Real Estate Group and Colorado-based multifamily manager Goldelm paid $31 million last week for the 312-unit Charter Pointe Apartments in Altamonte Springs.
Located at 919 Ballard St. in the heart of Altamonte’s medical and business district, the recently upgraded property was sold by Sarasota-based Insula Companies, according to a deed signed on Jan. 4, and recorded with Seminole County on Monday.
“The majority of Orlando is experiencing double-digit rent growth,” Michaelson’s CEO Michael Moses told GrowthSpotter. “We believe (Charter Pointe) has tremendous room for rent growth.”
Michaelson and Goldelm, which have teamed up on projects in Florida for 21 years, have been especially active in the Orlando area. In the past year, the partnership has closed on five multifamily residential properties in the Orlando area, totaling 1,800 units.
Goldelm, led by CEO and founder Roderick Hubbard, has also purchased apartment properties on its own, including the West Winds Apartments in MetroWest last summer for $26 million.
Moses said his company closed on 26 apartment communities in 2016, and two more this month. He has three pending acquisitions set to close in January all in the Orlando area, he added.
“The Orlando market in my opinion is the productive market in Florida,” Moses said. “We love Orlando.”
The Charter Pointe deal, which Moses said was off-market, marked the fourth transaction between Michaelson and Insula in the past four months.
Though the 25 two-story buildings in the Charter Pointe complex were built more than 40 years ago, they underwent multi-million dollar renovations in 2014 and 2015, Moses said, with new roofing, siding, paint, stair columns and an updated clubhouse.
The 36-acre complex includes studio, one- and two-bedroom floor plans with an average size of 800 square feet. Some of the amenities at the complex are a pool, fitness center, picnic and barbecue grilling areas, a tennis court and playground.
Insula founding partner Fred Cochran told GrowthSpotter last October the company’s strategy is to acquire B/C class, garden-style, value-add communities requiring cosmetic or substantial rehab, as well as underperforming properties which may have management-induced problems. The company invests several million dollars in upgrades that allow it to charge more in rent and later sell at a profit.
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