Aspen Square Management has secured more than $83.5 million in financing for a nation-wide multifamily portfolio that includes extensively renovated multifamily properties in Winter Park and Winter Garden.
Walker & Dunlop originated the loan through Fannie Mae. The portfolio includes Aspen Square’s 97-unit Elon Winter Park apartment complex at 712 Nicolet Ave. and its 109-unit Slate Luxury Apartments in Winter Garden at 584 and 618 W. Bay Street.
Elon Winter Park, formerly known as the Evergreen Apartments, was acquired by Aspen Square in 2019 for $9.65 million. The complex, built in 1972, is made up of one-bedroom apartments.
At the time of the sale, newer rents at the apartment community were asking about $800 per month, Cole Whitaker with Berkadia Real Estate Advisors previously told GrowthSpotter. Whitaker represented Aspen Square Management in the acquisition deal.
Exterior and interior renovations were completed in January of this year. Rents at Elon Winter Park now command $1,270 per month, according to online marketing material.
Aspen Square bought the Slate apartment community in Winter Garden in 2018 for $7.15 million. The former Osprey Landing apartment community was built in 1981 with the support of three USDA loans that have since been paid off.
The program was initiated to protect low-income renters from rent hikes and evictions.
According to an Orlando Sentinel article, initial rent hikes at the complex drew up controversy from tenants still using the USDA housing vouchers at the complex. Online marketing material shows one-bedroom units are currently asking $1,400 a month and two-bedroom units are asking $1,585 a month.
Mortgage records filed in Orange County show Aspen Square financed the acquisitions of the multifamily properties with separate, small loans from TD Bank (each were less than $1 million) that were satisfied the same year the assets were acquired.
In its most recent financing package, the total multifamily portfolio is valued at $128.5 million, according to mortgage documents. The value of the mortgaged property located in Florida is $33.6 million.
Aspen Square is a national real estate investment and property management firm that specializes in value-add multifamily opportunities. Through affiliated companies, Aspen Square has invested in several Central Florida apartment communities.
In 2015, the real estate investment firm paid $47 million for three apartment communities in Brevard County.