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Beverly Hills multifamily firm pays $52M for apartment complex near Maitland

Beverly Hills multifamily firm pays $52M for apartment complex near Maitland
Built in 1984 and 1985, the Bentley at Maitland apartment complex features a tennis court, racquet ball court, pool, playground and fitness center. (enzomultifamily.com)

A Beverly Hills, California-based multifamily owner and operator just paid $51.8 million for the Bentley at Maitland apartment complex near Maitland.

Through affiliate EM Bentley Blue LLC, Enzo Multifamily bought a 324-unit rental community at 6750 Woodlake Drive. The deal for the complex breaks down to about $160,000 per apartment.

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The deal also includes about two adjacent acres of vacant land along Riverside Park Road that may potentially have some development rights.

The seller is tied to Massachusetts-based Aspen Square Management. The firm is an active investor in Central Florida, as well as throughout the nation, that is known for buying properties that can stand to benefit from improvement and renovation projects.

In 2014, Aspen paid $17.4 million for the Bentley at Maitland apartment community.

Built in 1984 and 1985, the complex features new counter tops and cabinet doors, screened in patios and balconies and package services. Amenities include a tennis court, racquet ball court, pool, playground and fitness center.

Founded in 2015 by Sapan Talati and Veena Jetti, Enzo Multifamily has a portfolio of more than 2,450 units valued at about $350 million, according to its website. The firm owns and operates multifamily communities in the Jacksonville and Dallas/Fort Worth International Airport markets.

The recent acquisition may be its first in the Orlando submarket, but calls to the company were not immediately returned to verify. The company’s website categorizes the complex as a Class B, value-add multifamily property.

Nearby, a company tied to GoldOller Real Estate Investments paid $26.5 million for the Park At Vittoria apartment complex.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn

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