San Diego-based real estate management and investment company ConAm Group just bought a multifamily community in west Orlando for $58.1 million.
The 298-unit apartment complex at 8008 Balasands Blvd. was sold by the Carroll Organization for about $194,966 per unit.
The deal takes place just two and a half years after the Carroll Organization paid $44.5 million to acquire the property through fund Carroll Multifamily Real Estate Fund IV, LP. The multifamily asset traded at a 23 percent gain from its previous selling price in 2016.
The most recent deal gives ConAm control of roughly 36 acres of land with lake views of Lake Sherwood, just west of the intersection of West Colonial Drive and North Apopka Vineland Road.
ConAm financed the deal with a $37.25 million Fannie Mae loan from Walker & Dunlop.
Built in 2002, the ARIUM Bala Sands apartment complex is rebranding as Ellery at Lake Sherwood, according to a marketing website run by ConAm.
The average unit size at the complex spans about 1,100 square feet. Features include attached garages for all units, nine-foot ceilings, walk-in closets and built-in bookshelves. Residents have access to a spa, pool, clubhouse, cyber cafe, fitness center and business center.
The Carroll Organization is an investor, developer and operator of multifamily properties. Prior to purchasing the building from InvestCorp in 2016, the company managed the apartment complex form more than three years.
Founded in 1975, ConAm specializes in managing and investing in multifamily assets across the nation. It also provides investment advisory services to individual investors and large institutional clients, according to its website.
Calls to both parties were not immediately returned.