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Head of local CRE investment group pays $1.4M for new Belle Isle lakefront home

This lakefront home on Conway Isle Circle in Belle Isle has more than 8,300 square feet of conditioned area.
This lakefront home on Conway Isle Circle in Belle Isle has more than 8,300 square feet of conditioned area. (Homevest Realty)

The head of a local commercial real estate investment group paid $1.4 million on Friday to upsize his family's home on Lake Conway in Belle Isle by more than 6,000 square feet.

Located on Conway Isle Circle, the 14-year-old, two-story custom home is located in the gated neighborhood of Highlands of Lake Conway, along the Conway Chain of Lakes.

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The home features four bedrooms and three baths with 8,325 square feet of conditioned area, an elevator between floors, grand living room with french doors that open to a custom swimming pool overlooking the lake, summer kitchen and boathouse, billiard room, full in-law suite, and a master suite with a reading/exercise room, private fireplace and expansive closet with personal dry cleaning equipment.

Learn more about the expansive lakefront estate, and which area broker brought buyer and seller together.

The buyers were Raul and Jennifer Socarras. Raul is chief executive officer of Upshot Capital Advisors, which bought a Downtown Orlando office building in December through one of its funds, and is investing in a 28-acre development in Kissimmee's E192 tech corridor.

"This was a newer home in a gated neighborhood we really liked, and we were looking to grow our home's size a bit, so all of that helped the house fit a lot of our needs," Raul told GrowthSpotter on Monday.

The Socarras couple will now list their existing home for sale, a three-bed, two-bath property built in the 1970s that fronts Lake Conway on Tidewater Drive, with more than 2,300 square feet of conditioned area.

Learn more about the property, the investors that see it as a value-add opportunity, and future potential for redevelopment.

Raul's brother and residential real estate broker Eddie Socarras will be listing the property, after serving as the buyer's representative on his recent purchase.

The seller Ellen M. Berry and her revocable trust were represented by Brad Young of Homevest Realty.

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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