A lead executive for one of Orlando's largest office property owners paid $1.2 million last week for a 65-year-old second home in Winter Park, picking it up as an investment for the prime location and potential to flip with new construction.
Located in the 900 block of N. Park Avenue, the 0.4-acre lot features a single-story home with 1,568 square feet of conditioned area, dating to 1953. It's main value is location, within walking distance of the University Club of Winter Park, local country club and the city's downtown.
The buyer was an investment affiliate of Reid Berman, co-founder and principal of Tower Realty Partners, an Orlando-based commercial real estate investment and management company. Tower is one of the largest office building owners and developers in Central Florida, with a portfolio of 6 million square feet between Tampa and Orlando.
Berman owns another home in Winter Park on Webster Avenue that serves as a primary residence, and will continue as such.
He bought this property for the 94-foot by 192-foot lot, with plans to demolish the dated home and sell the lot or build a new custom home on spec. Berman has dabbled in similar home investment side projects in Winter Park in the past.
The sellers were Robert T. and Jennifer Gierke, who previously paid $449,000 in 2003. Robert is a manager of Retail Development Properties LLC, and has developed a wide variety of retail projects across Greater Orlando.