(Read more on the multifamily market.)
WINTER PARK, FL-A joint venture of Santa Monica, CA-based the Watt Cos. and Newport Beach, CA-based Buchanan Street Partners has acquired the 384-unit Semoran North Apartments for $69,000 per unit or approximately $24 million.
The property is comprised of 381,384 sf of residential space on 26 acres. Winter Park is a northern suburb of Orlando with strong demographics, which are supported by strong growth trends across the region.
Buchanan Street Partners CIO Timothy Ballard tells GlobeSt.com that the complex is typical of the type of class B apartment buildings the company acquires under its investment strategy. "The complex had an occupancy rate of 85% in the market that averages 95%," Ballard says. "The owner hasn't put any money into the property in a while."
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