Orlando rental complex trades after seller renovates it and raises rents

Chicago-based Redwood Capital Group LLC sold 220-unit the rental property to Virginia-based Chandler Residential Inc. for an undisclosed price

TRD MIAMI /
Sep.September 29, 2018 04:30 PM

Reserve at Conway

A 220-unit apartment complex in Orlando changed hands after the seller boosted rents by upgrading the property.

Chicago-based Redwood Capital Group LLC sold the rental property, called Reserve at Conway, to Virginia-based Chandler Residential Inc. Terms of the deal weren’t disclosed.

“In the three years Redwood owned Reserve at Conway, we made improvements to the property’s amenities and upgraded the unit interiors, resulting in significant rent premiums,” Kristina Lynn, vice president of acquisitions at Redwood, said in a prepared statement.

“The new buyer has the opportunity to add even more value to the property by bringing the current renovations to the next level, so this is a win-win transaction for everyone,” Lynn said.

Reserve at Conway had a 1.8 percent vacancy rate at the time of the sale.

The property at 3149 Landtree Place in Orlando has 220 garden apartments with one- and two-bedroom floor plans that average 748 square feet in size. – Mike Seemuth


Related Articles

arrow_forward_ios
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein (Credit: Daily Beast | Getty)

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

PB Gardens condo community seeks yet another contractor to repair its buildings

PB Gardens condo community seeks yet another contractor to repair its buildings

arrow_forward_ios
Loading...