November 21, 2019
S2 Capital has acquired Reserve at Lake Buchanan, a 151-unit apartment complex in Orlando. The sales price was $16 million.
Located at 1717 West Holden Ave., the property features lakefront units, recreation lake access to all residents, a pool, playground and modern edged landscaping. Currently, 61 out of the 151 units have been remodeled.
Francesco Carriera, Michael Regan, Shelton Granade, Luke Wickham and Justin Basquil of CBRE represented both S2 Capital and the seller, Creative Realty Partners, in the transaction.
“The buyer of Reserve at Lake Buchanan will benefit from improving rents to compete with similar 1970s vintage assets in the area,” said Carriera. “Nearby properties that have recently undergone significant value-add programs have realized significant rent increases. The buyer has the ability to increase rents $250+ from the current in-place rent through interior renovations.”
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