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Houston-based multifamily investor The Dinerstein Companies paid $41 million on Monday to enter the Orlando market, buying a 212-unit property and then flipping the land beneath it that same day to a New York investment group.

Located at 4000 Maguire Blvd., near Baldwin Park and northeast of downtown Orlando’s Fashion Square mall, the Promenade Crossing apartments lie on 11.17 acres with six three-story buildings that date to 1998.

The seller was Chicago-based owner-operator Waterton Associates, which previously paid $27.35 million in March 2015.

Dinerstein then sold rights to the ground beneath the apartment complex for $13 million to an affiliate of New York-based real estate investment and development group iStar.

The two parties filed a ground lease agreement that runs through June 2117, with Dinerstein holding a right of first offer to purchase the property back if iStar looks to divest.

This is Dinerstein’s first asset in Greater Orlando and second in Florida, based on the company’s website.

Dinerstein’s own property management division took over the apartment complex this week. The buyer sourced a $20.5 million loan from Compass Bank.

Officials with Dinerstein and iStar did not respond to requests for comment on Thursday.

A member of the property management team said Thursday that Dinerstein will be upgrading and renovating apartments, and adding more resident-friendly features around the community.

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