Timberlake, Glades Apartments in Altamonte Springs Trade for $63M
- Oct 19, 2011
In one of Orlando’s biggest multifamily sales of the year, the Timberlake and Glades Apartments have been acquired by Philadelphia’s GoldOller Real Estate Investments, LLC for $63.15 million. According to an official press release, the two properties, containing 876 units, are part of Gondolier’s private, open-ended apartment fund that GoldOller launched in January 2011.
This purchase follows GoldOller’s streak of acquisitions last week that consisted of eight apartment communities, containing 1,395 units located in suburban Kansas City. Aiming for a total of 5,000 rental units located in six states by the end of the year, GoldOller—formed just 18 months ago—set its sights on “well performing apartment assets in secondary and tertiary markets where pricing still offers a superior rate of return for our investors,” according to Richard Oller, GoldOller Chairman.
The Timberlake Apartments, located at 675 Jamestown Boulevard in Altamonte Springs, offers beautiful landscaping, a business center, a clubhouse, racquetball courts, swimming pools, picnic area with barbeque, and ease of access to freeways, shopping and nearby public parks. The Glades apartment community, set at 651 Glades Circle, Altamonte Springs is also within close proximity to major freeways and local attractions; each apartment home includes upgraded
modern lighting, sleek black appliances, wood grain floors in kitchen and bathrooms, cherry wood cabinets, and warm colored interiors. The two properties comprise 876 units and are part of a three-phase project; at the time of the purchase, the combined occupancy for both apartment communities was 93 percent.
Barry Friedman of Blank Rome LLP in Philadelphia represented GoldOller in the Orlando acquisitions, while Shelton Granade and Luke Wickham of CB Richard Ellis Orlando represented the seller.
Photo Credit: The Glades Apartments Official Facebook Page