Sunvest-Tarragon Buys Lincoln at Delaney Square

ORLANDO-On a buying spree in Central Florida, Sunvest Communities LLC of Hollywood and its New York-based partner, Tarragon Realty Investors Inc. have purchased the two-year-old, 364-unit Lincoln at Delaney Square apartment complex for $42.2 million or $115,934 per unit. Lincoln built the property for $33 million or $90,659 per unit, as GlobeSt.com previously reported.

The six-story Downtown property consists of five buildings and has an eight-level, 559-space parking garage. The Florida office of Apartment Realty Advisors, based in Boca Raton, brokered the transaction. The property has been renamed the Grande and is already stirring buyer interest.

“Many tenants are ready to buy their units,” Kimbra Hennessy, president, Bitner/Hennessy Public Relations in Orlando, tells GlobeSt.com. “The broker activity on the property has been incredible in Downtown Orlando’s core.” Bittner/Hennessy is assisting in marketing the Grande. Hennessy says the Grande is “regarded as the last possible apartment-to-condo conversion possible” Downtown. “They anticipate a quick sellout.”