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Reserves at Alafaya sells for $42.7 million, latest in heated apartment market

The Reserves at Alafaya apartment community in east Orange County.
The Reserves at Alafaya apartment community in east Orange County. (property website)

Toronto-based Starlight Investment acquired the 264-unit The Reserves at Alafaya apartment complex in east Orange County for $42.7 million, one of the largest multi-family property sales this year in a segment that's booming with new construction and renter demand.

Built in 2014, the garden-style apartment community, located at 3715 Alafaya Heights Rd., had 94 percent occupancy when sold on July 2. Starlight bought the property via its Fund No. 4, which is focused on multi-family properties in Orlando and Tampa with more than 1,200 recently built suites.

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Management of the property was assumed last week by Dallas-based Pinnacle Apartments, via its Maitland office. Calls for comment to Starlight were not returned by publication on Tuesday.

Orlando's apartment vacancy rate for April was 4.6 percent. The region's vacancy rate should stay steady during the next 12 months and remain below the Southeast U.S. average, according to Real Data Apartment Market Research.

Other recent sales include:

The 330-unit La Esperanza Apartments, located at 5900 Park Hamilton Blvd. west of Orlando city limits and east of Ocoee, sold in late June for nearly $13 million to an affiliate of Coral Gables-based Styles Holdings II.

Village Green, a 164-unit, 140,000-square-foot apartment community in Altamonte Springs at 112 Essex Ave., was sold by Harbor Group International to Insula Companies for $12.6 million in recent weeks, according to CBRE Capital Markets.

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 company plans to invest more than $1 million in remodeling over the next five months.

Orlando's top apartment complex sale so far this year was in late April, when DeBartolo Development sold the 310-unit Gallery at Mills Park to an institutional investor for $66.5 million.

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

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