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Highlighted in blue, the recently acquired Waterview Apartments is roughly three miles east of the Mall at Millenia.
Highlighted in blue, the recently acquired Waterview Apartments is roughly three miles east of the Mall at Millenia. (Orange County Property Appraiser)

Dallas-based BK Real Estate Funds LP, a national real estate advisory and investment firm, paid $21.275 million on Oct. 14 for the 360-unit Waterview Apartments, three miles east of the Mall at Millenia, with its own property management firm moving in and renovations expected for the 29-year-old property.

Located at 4937 Waterway Ct., set on 31 acres against Lake Tyler and near the corner of S. Orange Blossom Trail and Americana Boulevard, the property's sale value breaks down as $59,097 per unit.

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Waterview was sold by an affiliate of Sarasota-based Insula Companies, which focuses on the acquisition, improvement and management of Florida apartment communities.

The Insula affiliate had previously bought it in February 2010 for $6.1 million, per county records, and had reached the end of a fixed investment cycle for the asset, said Shelton Granade, vice chairman of CBRE Capital Markets: Multi-family, who was the lone broker involved in the deal, representing the seller.

While the property is not officially designated as an affordable housing community with the benefit of tax credits or restricted rent, its location in a working class-area of Orlando and 95 percent occupancy rate attracted BK Real Estate as a buyer, Granade told GrowthSpotter on Friday.

"Most of the potential buyers on this deal were looking at it as an opportunity to own something in a high-demand rental pocket, and then make some physical improvements to the asset over time to enhance the cash flow," he said.

BK's affiliate LBK Management Services took over control of the property last week. Multiple calls for comment to BK and LBK were not returned on Thursday or Friday.

Waterview is BK Real Estate's first property purchase in Central Florida, Granade said.

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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