Affordable housing development, investment and management company Lincoln Avenue Capital just paid about $38 million for the Stratford Point multifamily community in Sanford.
The affordable housing development at 1700 Old England Loop contains 384 apartments, meaning the deal breaks down to about $98,980 per unit. Built in 2001, the apartment community features multiple three-story multifamily buildings.
LAC was founded by brothers Eli and Jeremy Bronfman in 2016. Since its establishment, the company has acquired more than 9,000 units across about 50 properties in 10 states.
According a company press release, the brothers hope to own more than 100 properties by 2021.
The brothers are scions of the Bronfman family empire whose members founded the spirits company, Seagrams. Their father, Matthew Bronfman, is the main shareholder in IKEA Israel and supermarket chain Shufersal; and their great-aunt, Phyllis Bronfman Lambert, is a prominent philanthropist and architect in Canada.
The Stratford Point apartment community in Sanford would be the company’s second property in the city. In 2018, LAC paid $31.2 million for the Logan Heights Apartments at 1000 Logan Heights Cir.
Throughout Florida, the company has invested in properties in Jacksonville and Miami.
LAC specializes in rehabilitating old affordable housing complexes with the intention to keep rent restrictions in place, while also improving quality of life for their tenants.
Amenities at the Stratford Point apartment community include a fitness center, pool, playground and racquetball court. The multifamily community includes two-, three- and four-bedroom units.
Records show the seller is tied to Picerne Real Estate Group in Altamonte Springs. The company bought and developed the land in 2000, paying $2 million for the 19.6-acre property.
Another developer buying affordable housing units in Sanford includes Miami Beach-based Starwood Capital Group.
Last month, Starwood Real Estate Income Trust paid about $33.2 million for the 184-unit Hatteras Sound complex at 13000 Island Bay Circle. The property traded hands for about $189,900 per unit.
The deal was part of a larger $461 million portfolio deal executed by the REIT.