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300-unit apartment complex in east Orlando nets $30.1 million

A view of the current pool at Canopy Apartment Villas, which will undergo extensive renovation along with other amenities on the property.
A view of the current pool at Canopy Apartment Villas, which will undergo extensive renovation along with other amenities on the property. (Robbins Property Associates)

The 296-unit Canopy Apartment Villas in east Orlando sold on June 9 for an estimated $30.1 million to Tampa-based management firm Robbins Property Associates. The sale estimate is based on document deed taxes paid to Orange County.

Robbins' management team took over the property last week, and the company plans to invest more than $1 million in remodeling all amenities over the next five months or more, said property manager Brittany Walter.

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Renovations on the property will include a 24-hour fitness center that is expanded with new equipment, an Internet café and coffee bar with free Wi-Fi, dog park with agility equipment, two resort-style pools with cabana seating, a full re-modeling of the clubhouse, summer kitchen with gas grills and picnic areas, and a fire pit with seating.

Work will begin next week on small-scale landscaping changes, Walter said. Architectural plans for the pool and other structures are still being completed. Work could take about five months once started, and most contractors have been hired by Robbins out of Tampa, she added.

Built in 1980 and 1981, the apartment complex occupies two parcels totaling 28 acres, and is based at 5762 Folkstone Lane in east Orlando, south of the intersection of Curry Ford Road and S. Semoran Boulevard.

The property was sold by Denver-based United Dominion Realty Trust (UDR, Inc.), which acquired it in March 1993 for $9.8 million.

Robbins Property Associates bought the parcels via a Delaware LLC named Canopy Apartment Villas, registered in Florida on May 21.

Orlando's apartment vacancy rate for April was 4.6 percent. The market has absorbed more than 2,000 renters over the past six months, and more than 12,000 units were either under construction or proposed to be built in the region, reported The Orlando Sentinel in mid-May.

bmoser@growthspotter.com or (407) 420-5685

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