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Construction firm CEO buys condo unit in The Sanctuary tower near Lake Eola

Construction firm CEO buys condo unit in The Sanctuary tower near Lake Eola
The 18-story Sanctuary condominium tower in Downtown Orlando, on S. Eola Drive. (MLS)

Rubi Akooka, president and CEO of Altamonte Springs-based Akcel Construction, paid $700,000 in June for a unit in the 18-story condominium tower The Sanctuary, south of Lake Eola.

The 2,575-square-foot unit features three bedrooms and 2.5-baths, and is located on the upper half of floors within the luxury high-rise built in 2006, with views facing northeast on a curved balcony.

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Akooka owns multiple investment properties downtown through affiliate LLCs, and said Tuesday evening he was drawn to The Sanctuary unit's value-add potential.

"The opportunity came up and we made an aggressive offer that was accepted. I may live there for a few months, though I have a home in Winter Park," he said. "We'll upgrade all the cabinets, flooring, bathrooms with a new tub and showers, all the appliances and add some contemporary details to the ceiling."

His firm Akcel Construction will lead the renovation work. Akcel positions itself as a turnkey shell contractor, with 30-plus years of local experience in custom homes, single-family and multifamily communities, restoration and renovation, and light commercial structures.

The home was originally listed at $795,000 in late January by RE/Max Town Centre, and sold by Thomas Bonner of Regal R.E. Professionals, according to listing data online.

Akooka took a mortgage of $525,000 from Wells Fargo Bank to finance the purchase. Sale documents were registered Tuesday with Orange County.

His primary residence is a 10,000-square-foot home on Bonita Drive in Winter Park, which Akooka paid $1.035 million for in July 2011, per county sale records.

The sellers were Barry and Susan Decker of Arlington, Virginia, who previously paid $660,000 in 2005 for the unit from its developer, DTO Development LLC.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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