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RE investment company scoops up old Winter Park rental complex with renovation plans

The 108-unit multifamily community will be renamed Vista at Winter Park and be significantly renovated.
The 108-unit multifamily community will be renamed Vista at Winter Park and be significantly renovated. (Drunna Properties Ltd.)

The Tealwood Parke apartments in Winter Park will be renovated under new ownership.

ROI Capital Group, a privately owned real estate investment company based in Israel, just paid $16.74 million for the 108-unit multifamily community at 4704 Lucier Court.

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The seller, Drunna Properties Ltd., led by property investor Drury Mccarthy, bought the complex in 1995 for $4.6 million. Records show it was built in 1986 by developer and contractor William Fagan.

Mike Donaldson and Nike Meoli of Cushman & Wakefield represented the seller. In a news release, Donaldson said Tealwood Parke is one of few multifamily properties prime for repositioning within the submarket.

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The property generated 27 offers from interested buyers during a three-week marketing period. Donaldson said. “despite the pandemic, the property’s performance remained resilient and the response to the offering was substantial with more than 330 registered buyers.”

Tealwood Park sold for $155,000 per unit. The lakeside property offers two-bedroom apartments with an average unit size of 935 square feet. It was 100% occupied at the time of the sale.

Amenities include a swimming pool with a sun deck, a clubhouse with a coffee bar, a fitness center and private entries in select units.

ROI intends to change its name to Vista at Winter Park. In addition, Meoli said, the new owner plans to implement a “significant renovation program to bring the property to the standard typically found in Winter Park.”

In a similar deal, the private investment company also purchased the Wymore Grove apartment community in Altamonte Springs for $17.9 million in 2018. According to its website, the asset was acquired with an occupancy of 93%, and is still undergoing gradual upgrades.

Noam Avrahami, ROI founder and director of investments, did not respond to a request for comment.

The rebranded Vista at Winter Park community sits across the LIV at Winter Park apartment complex. which sold for $49 million last year after renovations. Massachusetts-based Aspen Square Management poured about $4 million into renovating the lakefront complex. New York multifamily investment firm Ashcroft Capital was the buyer.

Both communities lay in unincorporated Orange County, but share a Winter Park ZIP code.

New development closer to the city’s core is trading for higher prices.

Last year, for example, Miami-based real estate investment firm Starwood Capital Group dropped $86 million to acquire a 278-unit luxury apartment building recently completed by the Bainbridge Companies.

The community at 1400 Morgan Stanley Ave. features a five-story rental building and parking garage. The deal broke down to a little more than $309,000 per unit.

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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