UPDATED: November 28, 2016 12:35 PM — Affiliates of New York-based White Eagle Property Group paid $28.65 million on Wednesday for the 252-unit Cranes Landing Apartments in Winter Park, and will invest another $1 million in renovation work, the company's CEO told GrowthSpotter.
Located at 3440 N. Goldenrod Road, south of the intersection with University Boulevard, the garden-style walk-up property was built in 1990. It fits the company's focused acquisition criteria of Class A and B assets of 200 units or more with clear value-add potential.
"This is our 11th asset in Central Florida. We're going to put another $1 million into capital improvements, and are very bullish on that area," CEO Jeff Weiskopf said on Monday. "We're actively looking at more in that area, we think the Orlando housing market will continue to grow."
The company was introduced to the property by Kevin Judd, executive managing director for ARA Newmark in Orlando. The cost per unit was roughly $113,690.
The White Eagle affiliates sourced a $22.13 million loan from Capital One Multifamily Finance, which matures in December 2026.
The seller was an affiliate LLC of Starwood Capital, which previously paid $11.7 million in August 2003 for the property.
Monument Real Estate Services was brought on this week as new managers of the property.
The sale deed included a condition that new owner White Eagle could not convert the property to a condominium for at least the next five years, until Nov. 16, 2021.
The condition protects Starwood by putting it beyond a statute of limitations for previous ownership, if faults are found with the property during conversion.
White Eagles owns and operates a portfolio of more than 7,000 apartment units nationwide. The company's last Orlando-area acquisition was in January, when it paid $51.9 million for the 526-unit Arium Barber Park apartments on Lake Margaret Drive.