Tampa-based multifamily investor Robbins Property Associatespaid $53.3 million on Friday for the 432-unit Winter Park Commons apartments, with plans to invest heavily in interior and amenity upgrades.
Rebranded this week as Venue at Winter Park, the 23.08-acre property is located at 5 Autumn Breeze Way, off the intersection of Aloma Avenue and Semoran Boulevard, with 26 two-story apartment buildings that date to 1972.
The sale reflects a per-unit value of $123,379. Robbins own property management division took over on Friday.
The acquisition comes roughly a month after Robbins paid $35.35 million in mid-November for the Class-A, 200-unit Station House Apartments in Lake Mary that was built in 2015.
Learn more bout the buyer's growing local portfolio and the seller's motivation.
By Mike Salinero
Dec 05, 2017 | 6:01 PM
Robbins Property Associates currently holds properties in Orlando, Altamonte Springs, Winter Park and Winter Haven within the Greater Orlando region.
The seller in Winter Park was an affiliate of Starwood Capital Group, which previously paid more than $38.63 million in October 2014. CBRE Orlando's Shelton Granade, Luke Wickham and Justin Basquill represented the seller.
"We procured the buyer, know them well and have done a lot of business with them over the years," Granade told GrowthSpotter.
"Most groups were looking at this as a solid value-add opportunity to do some interior and amenity work. Most were thinking of doing cosmetic upgrades to interiors, ... and on amenities, the property has four or five spaces there which they may expand or improve. These guys are going to put some real capital into the interior and exterior."
Robbins sourced a $43.489 million Freddie Mac loan via Berkadia Commercial Mortgage to help finance the acquisition, with a maturity date in January 2028.