An affiliate of Massachusetts-based Aspen Square Management just bought a nearly 50-year-old apartment complex in heart of Winter Park with plans to completely renovate it, sources close to the project confirmed.
The Evergreen Apartments at 712 Nicolet Ave. was sold by a partnership led by Hold-Thyssen, commercial real estate firm based in Winter Park. Built in 1972, the 97-unit multifamily property traded hands for $9.65 million.
Bob Hold, president of Hold-Thyssen, bought in the property in 1977 for $725,200 or about $7,200 per apartment. The more recent deal amounts to $99,484 per unit.
Hold said the Winter Park scene was simpler back then, but still a prime location. So much so, that when he first invested in the complex it was known as the place where the Minnesota Twins Major League Baseball team would stay during their spring training.
Fast forward more than four decades later, and the complex has not aged well, especially next to the newer product being introduced to Winter Park. Having their partner based in Canada, a proper refurbishing of the property would prove to be too complicated for Hold-Thyssen and team partners, Hold said.
“We just decided to move on and let someone else take it to another level,” Hold said.
Aspen Square is a national real estate investment and property management firms that specializes in value-add multifamily opportunities. Their multifamily communities tend to feature interiors with closet shelving, bathroom storage and USB outlets, according to its website.
Cole Whitaker of Berkadia Real Estate Advisors represented the buyers. He told GrowthSpotter the buyer plans to completely renovate the property.
“We’re talking renovations of the exterior and the interiors,” Whitaker said. “Basically renovating the entire property.”
Whitaker has worked with the company for more than 20 years. He said the recent deal took several years in the making.
Over the course of its previous ownership, occupancy levels at the property were at or above 95 percent. Hold said newer rents at Evergreen apartments were asking about $800 per month. The complex is made up of one-bedroom apartments.
Through affiliate, Deancurt Realty Group, Aspen Square has invested in several Central Florida apartment communities. Earlier this year, GrowthSpotter reported the company paid $23.75 million for an apartment complex in Mount Dora.
In 2015, the real estate investment firm paid $47 million for three apartment communities in Brevard County.