A Jacksonville real estate management and investment firm that has been snapping up urban multifamily properties around the state and Southeast has acquired the 1020 at Winter Springs apartment complex.
Michaelson Real Estate Group LLC, in a joint venture with New York-based GMF Capital, paid $32.5 million for the 208-unit structure at 1020 Chatham Pines Circle, Winter Springs. The seller was Covenant Capital Group of Nashville.
“In my professional opinion, the commercial side of the apartment market is very strong,” Mike Moses, chairman and chief executive at Michaelson, told GrowthSpotter. “I think it’s at an all-time high.”
The complex was built in 1992. Moses said the previous owner did a “nice job” in recently rehabilitating every interior unit. It is 97 percent occupied.
“It’s a well-located deal. We love the market,” Moses said.
1020 at Winter Springs features one-, two- and three-bedroom apartments averaging 769 square feet. Units feature stainless steel appliances, granite countertops, garden tubs, full-size washer and dryer connections, ceiling fans, balconies or patios and oversized closets. Select units also feature vaulted ceilings, fireplaces and lake views.
The gated community is located in a park-like setting and shared amenities including a swimming pool, tennis courts, clubhouse, fitness center, playground, laundry facility and covered parking.
Michaelson now holds 17,000 apartment units in the Southeast, including 5,000 in central Florida. It also has complexes in Texas, Tennessee and North Carolina.
This year alone, Michaelson has acquired College Club Townhomes near Florida A&M University in Tallahassee; Serenity Creek in St. Petersburg; the Villas at Atlantic Beach in Jacksonville; Allison Place in Temple Terrace; and the Oaks at San Jose, also in Jacksonville.
Mortgage banking firm Berkadia arranged the sale and financing and announced the Winter Springs deal.
“1020 at Winter Springs has consistently proven to be a tremendous rental community with its access to top-rated schools and proximity to quality retail,” said Berkadia’s Cole Whitaker, who along with Jason Stanton, Mary Beale and Greg Rainey of that firm’s Orlando office represented the seller.
EDITOR’S NOTE: This story has been updated to correct the unit count of the complex.