Utah-based Peak Capital Partners just paid $18 million for a 120-unit apartment community in eastern Orange County.
The apartment investment and management company paid about $150,000 per unit for the Bellancia garden-style rental complex located at 7325 Goldenpointe Boulevard.
Dominium Partners was the seller. The Plymouth, Minnesota-based company paid $10.75 million for the property in 2017.
Prior to selling the Bellancia apartment community, Dominium upgraded each unit to feature stainless steel appliances, among other interior renovations.
Shelton Granade, Luke Wickham and Justin Basquill of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal.
The Bellancia apartment community was built in 1987 on about 6.7 acres across from Orange County’s Colonial High School Freshman Campus. The school was built the same year as the apartment complex.
Bellancia features nine, two-story apartment buildings that include a mix of one-, two- and three-story apartments. Units feature walk-in closets, vinyl wood-plank flooring in the family room and kitchen areas and new carpeting in the bedrooms.
Residents have access to a shared meeting space, fitness studio and resort-style pool.
The multifamily community is close to Valencia College East Campus and a number of Orange County public schools.
The area has received capital investment attention as of recently.
Peak Capital Partners own and manage conventional, affordable, and student apartment communities throughout United States.
In the Orlando sub-market, the firm owns the 384-unit Willow Key apartment community and the 280-unit Waterbridge low-income housing tax credit apartment community.