A Massachusetts-based company recently paid $23.75 million for an apartment community just west of the designated Wolf Branch Innovation District in Mount Dora.
According to a deed filed in Lake County, the Veranda Apartment complex at 155 Veranda Way was bought by an affiliate of the Deancurt Realty Group. The deal for the community, which consists of 208 units across 10, two-story buildings, pencils down to about $114,200 per apartment.
The seller, Veranda Apartments LLC, is led by property investors Fred Rath and William Harper of Rath Harper & Associates. The entity paid $940,000 for 22.3-acre property in 2004 and completed the complex a year later.
Deancurt Realty Group, led by Dean F. Curtis, has been active in Florida before. In 2015, the real estate investment firm paid $47 million for three apartment communities in Brevard County, according to the Commercial Property Executive.
It recently brought on multifamily owner and operator Aspen Square Management to manage the property. Residents have access to a business center and clubhouse featuring a fitness center, pool and gameroom.
Mount Dora and Lake County officials designated about 1,300 acres near Round Lake and Wolf Branch roads in 2004 to be developed into a professional employment center.
In its most recent achievement, the area was granted $2.5 million from the governor's office widen Round Lake Road and extend it just past S.R. 44, about 30 miles northwest of downtown Orlando.
Once complete by 2023, the improvements will make it easier for motorists in that area to connect with the recently completed S.R. 453, a spur that leads to S.R. 46, and to the Wekiva Parkway.
Developers active in the area include Park Square Homes, which is in the midst of phase four of its Summerbrooke development in Mount Dora. Its PUD Master Plan allows for up to 427 single-family homes and 130 townhomes.