Tampa-based investors pay $35M for Lake Mary apartments near SunRail

GrowthSpotter contributor

Tampa-based Robbins Property Associates recently paid $35.35 million for the 200-unit Station House Apartments, a transit-oriented development built just two years ago in Lake Mary.

Robbins purchased the complex from Winter Park-based Epoch Residential, according to a deed signed Nov. 16 and recorded six days later in Seminole County. The sale reflects a per-unit value of $176,750.

Company co-founder Steve Robbins could not be reached for comment Tuesday, but said via prepared statement that he was excited to add another Orlando-area multifamily property to the company’s portfolio. 

Robbins Property Associates currently holds properties in Orlando, Altamonte Springs, Winter Park and Winter Haven within the Greater Orlando region.

“The Station House acquisition reaffirms our commitment to Lake Mary as a growing city,” Robbins said. “We look forward to upgrading the property’s amenities/services and to becoming a dedicated part of the Lake Mary community.”

Station House Apartments is located at 188 E. Crystal Lake Ave., directly across from the city’s SunRail station. It opened in December 2014 and reached rent stabilization in late 2016, according to McCarley Davis, chief investment officer with Epoch.

"We're merchant builders, and our typical hold period is three to five years from breaking ground," he told GrowthSpotter. "We were within that window and our strategy is usually to sell at first opportunity." 

The four-story, elevator-access apartments have air-conditioned corridors and controlled-access structured parking. The complex’s one-, two- and three-bedroom units average 892 square feet and feature gourmet kitchens with custom cabinetry, stainless steel appliances and granite countertops. Each apartment has 13-foot-high ceilings, soaking tubs and spacious outdoor patios.

Property amenities include a two-story clubhouse with a second-story patio overlooking a resort-style pool, summer kitchen, grilling stations, fire pit, dog park and dog wash station, fitness center, library and game/social lounge. Holliday Fenoglio Fowler L.P. (HFF) marketed the property on behalf of Epoch Residential.

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