1020 at Winter Springs
WINTER SPRINGS, FL—Covenant Capital Group of Nashville has sold the 1020 at Winter Springs apartment community here to a joint venture of the Michaelson Group of Jacksonville, FL and GMF Capital of New York City for $32.5 million.
The trade of the 208-unit garden-style community was reported by Berkadia, which arranged financing for the transaction that calculated out to $156,250 per unit. The property located at 1020 Chatham Pines Circle was 97% occupied at the time of sale.
Senior managing director Cole Whitaker, managing director Jason Stanton, director Mary Beale and director Greg Rainey of Berkadia's Orlando office represented the seller. Berkadia senior managing director Mitch Sinberg and associate director Matt Robbins secured financing on behalf of the buyer. Freddie Mac provided the $26.13 million, fixed-rate loan with a 10-year term and five years interest only in connection with the purchase.
1020 at Winter Springs was built in 1992 and is composed of one-, two- and three-bedroom apartments averaging 769 square feet. Units feature stainless steel appliances, granite countertops, garden tubs, full-size washer and dryer connections, ceilings fans, balconies or patios and oversized closets. Select units also feature vaulted ceilings, fire places and lake views.
“This was a tremendous value-add opportunity that gave Berkadia the leverage to structure a long-term, fixed-rate loan with very aggressive terms and rate, all while giving the borrower the flexibility to recapitalize the asset through a supplemental financing in the future,” says Berkadia's Sinberg. “The sponsor has a proven track record of implementing capital improvements leading to significant NOI growth which enabled us to get Freddie Mac comfortable with the loan terms.”
The development's amenities including a swimming pool, tennis courts, clubhouse, fitness center, playground, laundry facility and covered parking. The property is conveniently situated near U.S. Route 17 (U.S. 17) and State Road 417 (Central Florida GreeneWay).
Late last month, Michaelson Real Estate Group, LLC and a private equity investor announced they had acquired College Club Townhomes, a 136-unit, 544-bed pedestrian student housing community serving students from Florida A&M University in Tallahassee, FL. No financial details of the transaction were disclosed.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
