ORLANDO, FL - Electra America, one of the fastest-growing multifamily owner-operators in the U.S., has acquired a 384-unit, garden-style apartment community in the Orlando metro area. The property, currently known as Landmark at Woodland Trace, was acquired from Starwood Capital for an undisclosed price. It will be renovated and rebranded as Reserve at Lake Irene.
The transaction was privately negotiated, without a broker. Berkadia’s South Florida team of Mitch Sinberg and Matt Robbins arranged the financing.
With this acquisition, Electra America owns five multifamily properties in the Orlando area, and over 23,000 apartment communities throughout the Sun Belt.
“Orlando’s economy is meeting expectations as one of the strongest in the country, creating approximately 30,000 new jobs per month,” said Christine DeFillippis, Chief Investment Officer for Electra America. “This is a high-quality Class B asset with upside potential located in a market where there will be substantial demand for well-priced rental housing for years to come.”
Built in 1988, Reserve at Lake Irene is located at 1450 Sunshadow Drive in Casselberry, a community approximately 30 minutes north of Orlando. The pet-friendly property offers one- and two-bedroom apartments, a resort-style pool, fitness center, dog park, clubhouse, pet wash station, car wash, and tennis court. The property is 96% occupied, with average rent at $868/month. The community is surrounded by a variety of retail and dining options, including Casselberry Exchange, as well as Seminole State College-Sanford.
Electra America will invest approximately $2.6 million in capital improvements throughout the property, including new appliances, lighting and plumbing fixtures in apartments, new plank flooring in common areas, and various upgrades to the clubhouse amenities.
Electra America is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management. It owns and operates properties in Georgia, Florida, Maryland, North Carolina, Texas and Virginia.