Asset Development Buys Second Central Florida Site

ORLANDO-Asset Development and Management Group LLC of Jupiter, FL is finding a niche in pre-1990 constructed apartment complexes, completing its second acquisition in Central Florida in the last two weeks.

A week after paying $7.2 million to Chicago entrepreneur Sam Zell’s Equity Residential Properties Trust for the 144-unit, 24-building Wood Forest Apartments community in Daytona Beach, Asset Development purchased the 200-unit, 10-building Lakeside South apartment complex near the 1.3-million-sf Mall of Millennia here for $9.7 million.

Both properties were built in 1985. Jupiter Realty Corp. of Chicago, also known as JRC Lakeside Limited Partnership, sold the 93%-leased Lakeside South to Asset whose recorded name for this transaction is Kings Lakeside Apartments LLC. Trish Barton, managing director, JBM Realty Advisors Inc. of Naples, FL and Jamie B. May, JBM’s chairman and CEO, represented seller and buyer.