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