New York multifamily investment firm Ashcroft Capital just made its Orlando market entry with the purchase of a recently renovated apartment complex that shares a Winter Park zip code.
The 278-unit rental community at 4755 N. Goldenrod Rd. sold for $49 million, according to a deed recently recorded in Orange County. The deal breaks down to nearly $176,260 per unit.
Massachusetts-based Aspen Square Management is the seller. Prior to the trade, the company poured about $4 million into renovating the lakefront complex.
Ashcroft founder and managing partner Frank Roessler told GrowthSpotter the company forged a strategy to expand its holdings in markets throughout the nation that show a “desirability to live, favorable tax treatment and strong rent and population growth.”
He compares the Orlando MSA to the Dallas-Fort Worth metropolitan area, where Roessler said the company has established a large footprint.
“We didn’t just throw a dart on the map,” Roessler said. “We looked at a lot of markets and Orlando was top of the list.”
Ashcroft also recently bought apartment communities in Jacksonville and Tampa as part of their market entry into Florida. Roessler said the firm aims to acquire 5,000 multifamily units across Central Florida in the next three years. It manages a portfolio valued at about $740 million, according to its website.
The firm specializes in repositioning value-add properties through renovations and rebranding efforts. It rebranded the Amber Lakes apartment community in the Orlando Metro to LIV at Winter Park.
Berkadia’s Cole Whitaker and Mary Beale represented the seller in the deal. The community was built in 1973, and Whitaker said this deal marks one of the highest prices paid on a per unit basis for a multifamily property in the class.
“Sales in that age group typically trade between $126,000 per unit to $132,000 per unit," he said. “What’s unique about this property is that it’s a Winter Park lakefront concrete block apartment project and rehab property that has big rents.”
Units at the rental complex averaged 810 square feet with rents averaging about $1,366 a month.
Apartments feature recently upgraded appliances, spacious closets with built-in shelving and screened patios. Amenities include a 24-hour fitness center, game room. dog park, resort-style swimming pool and a recreational beach area with paddle board and kayak rentals.
Residents also have access to a walkway that connects them to the neighboring Orlando Magic Recreation Center. Whitaker said about 45 percent of tenants are affiliated with Full Sail University.
Last year, GrowthSpotter reported that TruAmerica Multifamily bought the nearby Solis at Winter Park apartment complex along Goldenrod Road for $79 million. The deal for the 596-unit rental community at 7502 Sun Key Blvd. broke down to about $132,550 per unit.