The 296-unit Canopy Apartment Villas multifamily complex has sold for a recorded $47.95 million to an affiliate of Boston-based Taurus Investment Holdings.
Located at 5762 Folkstone Lane east of Semoran Boulevard and south of Curry Ford Road, the property features 56 one- and two-story buildings with a mix of one-, two- and three-bedroom units constructed in 1981 on approximately 28.8 acres across two parcels.
Sellers Robbins Property Associates of Boston and Tampa, and LEM Capital of Philadelphia, purchased the property through an affiliate in 2015 for $19,851,000. That ownership went on to invest nearly $3 million in upgrades. With an average market rent of $1,355, Canopy is 96.3 percent leased.
"The significant upgrades made at the property over the last 10 years have ultimately reduced the effective age of the asset. Modest investment in further capital improvements could provide notable returns for new ownership," said Ken Delvillar, who along with Jay Ballard of Cushman & Wakefield's Florida Multifamily team represented the sellers. The buyers were self-represented. Previous owners also had made upgrades while holding the property.
Amenities at the property include two pools with cooking areas, a clubhouse, fitness center, dog park and playground among others. All units feature private entries, fenced patios, washers and dryers, and kitchen upgrades.
"Canopy Apartment Villas provided investors with an opportunity to acquire a remarkable value-add asset with tremendous upside in Orlando, one of the nation's top growth multifamily markets," said Ballard. "The property's single-story villa and townhome layouts are truly unique and offer some of the largest floor plans in the submarket."
A mortgage in the amount of $35,235,000 was recorded with Berkadia Commercial Mortgage LLC, an affiliate of Berkshire Hathaway and Jefferies Financial Group.
Other multifamily sales of late in nearby areas include:
Windrift Apartments near Valencia College’s main campus has been sold to an affiliate of Utah-based Bridge Investment Group for a recorded $39.3 million last month, with 288 units located northwest of the interchange of state roads 408 and 417.
Texas-based S2 Capital made its entry into Metro Orlando by purchasing more than 1,600 apartments in three properties east of the Millenia area for a total of $124.5 million last month.
The Solis at Winter Park apartment complex with 596 units along Goldenrod Road sold last month for $79 million, with a representative of buyer TruAmerica Multifamily saying the company seeks more properties that fit its criteria in Orlando.