White Eagle Property Grabs Sizeable Community in Florida
- May 06, 2015
An affiliate of White Eagle Property Group has acquired The Park at Laurel Oaks, a 552-unit apartment community in Winter Springs, Fla., from Laurel Oaks, LLV for $54 million.
CBRE Capital Markets arranged the sale of the gated community.
“The Park at Laurel Oaks presented a strong value-add opportunity in a high visibility location,” Shelton Granade, CBRE Capital Markets’ executive vice president, told Commercial Property Executive. “New ownership should be able to push the net operating income through modest interior and amenity upgrades.”
Located at 1 Laurel Oaks Drive, the community was built in two phases—in 1986 and 2000. The property boasts a fitness center, business center, tennis court, car care center, private garages and two swimming pools.
The community was 95 percent occupied at the time of the sale.
The Park at Laurel Oaks is situated across the street from a grocery-anchored retail center and is just minutes away from the Maitland Center. It’s also close by South Seminole Hospital and Lake Mary Heathrow Office Park.
“That proximity to employment and retail is important to the asset’s appeal,” Grenade said. “The Seminole County area of Orlando has a very strong reputation for excellent schools and good demographics.”
According to Grenade, Orlando is booming right now and multi-family investors continue to show strong interest in the Seminole County area of Orlando.
“Job formation is very strong and multi-family rents have been rising with the economic gains,” he added. “That combination has helped put Orlando front and center as an investment target for a lot of groups.”
White Eagle Property Group plans to upgrade the clubhouse, expand the fitness center, and renovate interiors to make this a true luxury property.