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Lake Nona-area apartment complex goes for $56M

Lake Nona-area apartment complex goes for $56M
The $56 million sale of Nona Park Village helped set the bar for apartment complexes in the Lake Nona area.

A New York real estate acquisition and management firm paid $56 million for an apartment complex near Lake Nona that was completed earlier this year.

Sentinel Real Estate Corp. bought Nona Park Village at 9100 Dowden Road from Epoch Residential, a Winter Park developer and manager of apartment units. The upscale property lies west of N. Narcoossee Road and the sale helps set the bar for apartment values in that growing area.

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Right now in Lake Nona proper there is one apartment complex, Lake Nona Water Mark, another, Landon House, opening in the spring, and two apartment complexes in the planning stage.

David Weiner, vice chairman of Sentinel Real Estate, told GrowthSpotter his firm paid cash for the 302-unit complex and has already taken over its management. The sale was recorded Dec. 17.

Thirteen-acre Nona Park Village will become part of a Sentinel co-mingled fund, an investment vehicle made up of assets from several accounts that are blended.

Epoch, which specializes in building and managing apartment complexes, acquired the land from a group of Winter Park investors for about $5.3 million in November 2013.

Epoch's president, Justin Sand, did not respond to requests for comment.

Nona Park Village is made up of two buildings that contain 302 apartments: 156 studios/one-bedroom units, 122 two-bedroom units and 24 three-bedroom units. Leases range from $1,000 to about $1,750 monthly.

Sales started at the end of March, an on-site salesperson said.

Units have gourmet kitchens with granite counter-tops and custom cabinets, wood plank flooring, 9 foot high ceilings with fans, a full-size washer and dryer in every apartment and over-sized sliding glass doors, the property's website says.

Amenities include a clubhouse with a 24-hour fitness center, a cyber cafe that is Mac and PC compatible, a sports lounge, outdoor fireplaces, a resort-style pool, picnic areas with BBQ grills, and Bocce Ball, Horseshoe and Cornhole courts.

Have a tip about Central Florida development? Contact me at ktalley@growthspotter.com or (407) 420-5176. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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