ORLANDO—An out-of-state investor just snapped up Oak Reserve at Winter Park, a 142-unit multifamily community in an affluent Central Florida city. Rockville, MD-based BAF Associates purchased the multifamily property from Aventura, FL-based Trade Street Residential for $11.7 million.

Though originally constructed in 1973, the multifamily property underwent a substantial $5 million renovation in 2007, significantly reducing its effective age. The REIT sold the multifamily community to free up capital for reallocation to newly constructed assets.

ARA principals Kevin Judd, Marc deBaptiste, and Patrick Dufour, along with senior vice president Matt Wilcox, represented the seller. Dufour says, “The property has a history of strong rental occupancy, which was 92% at the time of sale.”