Canadian Buyer Takes Asset in Altamonte Springs

An undisclosed Canadian investment firm took possession of a 224-unit, Class-A multifamily neighborhood located in Altamonte Springs near the 142-acre recreational lake, Lake Orienta.

By Balazs Szekely, Associate Editor

An undisclosed Canadian investment firm is the new owner of a 224-unit, Class A multi-family community near Lake Orienta in Altamonte Springs. According to Yardi Matrix, the seller was Aimco of Denver. The transaction was worth $23.7 million.

Completed in 1986, Lakeshore Apartment Homes features one-and two bedroom units and amenities that include two clubhouses, a fitness center, tennis court and a resort-style pool. Its 17 two-story buildings are situated on 29 acres of waterfront land, within walking distance of Altamonte Mall, Crane’s Roost Park and Florida Hospital Altamonte. The community is 15 minutes from downtown Orlando via I-4. According to a statement, the property was 97% occupied at the time of the sale.

CBRE Group Inc. marketed the property and arranged the deal on behalf of the seller and the team representing Aimco was led by Executive Vice President Shelton Granade, Senior Vice President Luke Wickham and Assistant Justin Basquill of CBRE Capital Markets.

Image source: Yardi Matrix