The Real Deal Miami

After upgrades, middle-aged rental complex in Orlando fetches $49M

Built 37 years ago, the 296-unit Canopy Apartment Villas sold for $161,993 per unit
October 21, 2018 03:00PM

Canopy Apartment Villas in Orlando (Credit: Apartment Finder)

A 37-year-old apartment complex in Orlando with 296 units sold for $48.9 million.

Boston-based Taurus Investment Holdings, LLC, paid $161,993 per unit for Canopy Apartment Villas, which had a 96.3 percent occupancy rate at the time of the sale.

“The significant upgrades made at the property over the last 10 years … reduced the effective age of the asset,” Jay Ballard of brokerage firm Cushman & Wakefield said in a prepared statement.

Ballard and another member of Cushman & Wakefield’s multifamily property team in Florida, Ken Delvillar, represented the sellers, Philadelphia-based LEM Capital and Robbins Property Associates, which has offices in Boston and Tampa.

LEM and Robbins had invested almost $3 million in capital improvements to the rental property since 2015, including renovations to the gym and clubhouse, upgrades to the dog park, new pool furniture, updated landscaping and new signage.

The previous owners invested from 2008 to 2015 in new roofs and windows, new flooring and appliances, improved HVAC units, upgraded water heaters, new lighting and plumbing fixtures, refinished bathtubs and resurfaced counter tops.

Canopy Apartment Villas is a cluster of 56 residential buildings with one-, two- and three-bedroom units with an average size of 1,090 square feet. Monthly rents average $1,355 or $1.24 per square foot.

The rental property occupies a 28.8-acre site at 5762 Folkstone Lane in Orlando. – Mike Seemuth