BERKADIA COMPLETES $23 MILLION SALE IN ORLANDO SUBMARKET
ORLANDO and TAMPA, Fla. – MAY X, 2016 – Berkadia announced today the sale of The Columns at Winter Springs, a multifamily property located at 1020 Chatham Pines Circle in Winter Springs, Florida. Managing Director Cole Whitaker and Senior Director Hal Warren of the Orlando office, alongside Senior Director Jason Stanton of the Tampa office, completed the $23.3 million sale, reflecting a per-unit price of $112,139. The sale closed on May 9.
The seller was Seminole-Winter Springs Associates, LLC of Atlanta. The buyer, Winter Springs Multifamily Partners, LLC of Nashville, Tennessee, plans to reposition the community with upgrades to unit interiors and enhancements to building exteriors.
“This property is located in a highly sought-after area of Winter Springs,” Whitaker said. “The buyer recognized the immediate upside potential to acquire a well-maintained garden product for a price significantly below replacement cost in a well-located, supply-constrained neighborhood—and jumped at it.”
The Columns at Winter Springs is a 208-unit property that offers one-, two- and three -bedroom floor plans. Units include a dishwasher, stove, refrigerator with ice maker, pantry, breakfast bar, designer lighting, fireplace, French-style door to private patio or balcony and connections for a full-size washer dryer. Lake views, a linen closet and vaulted ceilings are available in select units. Residents also enjoy community features such as unique pool design, clubhouse, playground, outdoor entertainment area, park-like setting with lake views, and car care center.
Conveniently located less than three miles west of Central Florida GreeneWay, a major north-to-south highway through the east side of Orlando, the property is also situated adjacent to Woodcreek Square shopping center, which includes Gator’s Dockside, Firehouse Subs, Red Bug Dry Cleaners and Domino’s. Additional shopping is located within one mile, including Publix, Walmart Neighborhood Market, Starbucks, Walgreens, Keke’s Breakfast Cafe and The Fresh Market.
The Winter Springs/Casselberry/Oviedo submarket, where Columns at Winter Springs is located, is one of the strongest submarkets in Orlando in terms of rent growth and occupancy. With an average metro wide occupancy at 97.7 percent, the submarket’s market rent remains healthy at $1,043 per month, which is a 6.2 percent increase over the year ago rents.
Property images available upon request.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily, hotels & hospitality and commercial properties. Berkadia is among the largest, highest rated and most respected primary, master and special servicers in the industry.
To learn more about Berkadia, please visit www.berkadia.com.
Bliss Integrated Communication on behalf of Berkadia Commercial Mortgage LLC
© 2016 Berkadia Commercial Mortgage LLC
Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Proprietary Holding LLC
Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
In Florida, Berkadia Real Estate Advisors LLC conducts business under FL Real Estate Broker License #CQ1043330. Cole Whitaker is the designated broker for Florida, his license number is BK3179290. Hal Warren’s license number is SL672117, and Jason Stanton’s is SL693000.
For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx