Ecoventures Wraps Year’s 2nd-Biggest Apartment Buy

CBRE Group has recently announced the sale of Sun Lake Apartment Homes in Lake Mary, Florida. Ecoventures Capital Fund, LLC acquired the 600-unit luxury apartment community for $66.25 million from a Harbor Group International affiliate that originally purchased the homes in 2012.

In Greater Orlando’s second-biggest apartment sale of 2014, Ecoventures Capital Fund L.L.C. has acquired Sun Lake Apartment Homes in Lake Mary for $66.3 million.  CBRE Group Inc.’s capital markets team, which represented Harbor Group, announced the deal on Jan 21.

The seller, an affiliate of Harbor Group International, had owned the gated lakefront community since 2012. At closing, the 600-unit complex was 96 percent occupied.

Located at 420 Sun Lake Circle, the complex is across the street from Northpoint Office Park and a few minutes from major employment centers like the Primera and Lake Mary Heathrow Office Parks. Completed in 1988, the community has undergone $10 million worth of capital upgrades in recent years.

The Sun Lake property includes 26 two- and three-story buildings residential buildings, two swimming pools and a clubhouse with fitness and business centers. Six floor plans are available; the largest units offer three bedrooms and two baths. Apartments feature energy-efficient GE appliances, granite or formica countertops, cherry wood cabinets, track lighting and full-size washers and dryers. Fishing, kayaking and paddle boarding possibilities are available at the nearby lake.

The CBRE capital markets team representing Harbor Group included Executive Vice President Shelton D. Granade, Senior Vice President Luke S. Wickham and Sales Assistant Justin T. Basquill.

Photo credit: Sun Lake Apartments