Tampa-based American Landmark Apartments just bought a Casselberry apartment community with plans to renovate and rename the complex to Oynx Winter Park.
Formerly Radius at Winter Park, the roughly 33-acre apartment community lies near the northeastern city limits of Winter Park at 100 Reflections Circle.
Seminole County property records show, American Landmark paid $51.5 million for the 336-unit garden-style rental complex, which is made up of 16 two- and three-story buildings. The deal is breaks down to just under $153,275 per unit.
The RADCO Companies, an Atlanta-based real estate investment company, sold the property to American Landmark Apartments along with another one of its rental communities in Tampa Bay. Records show, the total price paid to acquire the two properties pencils down to $100.5 million.
Christine DeFilippis, chief investment officer at American Landmark, told GrowthSpotter the company plans to invest about $9,000 per unit upgrading its interior by adding granite countertops, new cabinets, stainless steel appliances and brushed nickel plumbing fixtures. Additional add-ons include installing new lighting fixtures, USB outlets and electronic smart locks.
DeFilippis said there were a number of reasons the company was drawn to the community. For one, it’s location is near strong job markets like Maitland, Altamonte Springs and Winter Park. The property also has value-add potential, she said.
Florida is experiencing higher in-migration patterns from other parts of the country, DeFilippis adds. Oynx Winter Park was about 86% occupied at the time of sale.
In addition to interior renovations, American Landmark intends to upgrade the community’s landscaping, put in new pool furniture and renovate the fitness center/clubhouse,
Oynx Winter Park offers one- and two-bedroom floor plans ranging from 468 square feet to 998 square feet. Amenities include a fitness center, resort-style pool, pool deck, clubhouse, grilling and picnic areas, internet café, dog park, 24-hour laundry facility, package lockers, playground and pet spa.
The RADCO Companies paid $36.4 million for the property in 2017. It was built in 1984.
The apartment community’s entrance is along Semoran Boulevard (State Road 436), near the Winter Park, Maitland and Casselberry markets, and about 25 minutes from downtown Orlando.
Other real estate investment companies picking up apartment communities in Central Florida include Rance King Properties, which just paid $66 million for the 296-unit Coda Apartments at 13645 E. Colonial Dr. in Orange County. The apartment community was built last year by developer and seller Catalyst Development Partners.
Last week, Boca Raton-based commercial real estate investment company Duncan Hillsley Capital LLC converted the Milan Condominium community in Apopka into apartments, after paying $38 million to dissolve the condominium title and purchase the 240-unit community at 500 Jordan Stuart Circle.