Windrift Apartments near Valencia College's main campus has been sold to an affiliate of Utah-based Bridge Investment Group for a recorded $39.3 million.
Located northwest of the interchange of state roads 408 and 417, Windrift's 288 units offer simple access to several strong employment regions such as UCF and downtown boosted the property's investment potential, said Luke Wickham of CBRE.
"Essentially what people are doing is buying Class B properties that are well located ... making them beautiful and trying to make them a B-plus or even an A-minus property, and with that you can charge more rent," said Wickham, who represented the seller along with Shelton Granade and Justin Basquill.
"Historically what Bridge has done is injected a lot of capital into the properties, spending a lot on interiors such as kitchens and baths, and have done a nice job on amenities," he said.
The seller, an affiliate of New York-based White Eagle Property Group, purchased the property on 21 acres at 949 Crowsnest Circle in 2013 for $20.4 million.
White Eagle still has six Metro Orlando properties in its portfolio and continues to see the region as a strong performer because of job growth in areas such as health care that extend beyond tourism's typical economic engine here, said Jeff Weiskopf, chairman and CEO, who added that he's looking to add more properties.
"There's tremendous growth in many sectors of the economy within Orlando, and we're seeing that in demand for apartments," he said.
CBRE says it has closed $1.5 billion worth of apartment sales statewide this year.
A mortgage in the amount of $26,346,000 was recorded with Wells Fargo in the Sept. 13 purchase by Bridge.
Based in the Salt Lake City suburb of Sandy, Bridge connected on a deal with White Eagle last year that saw Bridge as the seller in a $64 million deal for 480 apartments near Baldwin Park. After that April deal for Auvers Village apartments, White Eagle, based in Monsey, N.Y., about 20 miles north of New York City, committed at least $1 million to capital improvements.