Cushman & Wakefield arranges $16.74 million sale of Tealwood Parke

Value-add apartment community sells for $155,000 per unit

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Tealwood Parke
Cushman & Wakefield arranged the sale of Tealwood Parke, a 108-unit apartment community located in Winter Park, Florida.

Cushman & Wakefield announced that the real estate services firm has arranged the sale of Tealwood Parke, a 108-unit apartment community located in Winter Park, Florida. The final sale price was $16.74 million.

Mike Donaldson and Nike Meoli of Cushman & Wakefield represented the seller, Drunna Properties, Ltd., in the transaction. R.O.I. Capital Group, LLC, a privately owned real estate investment company based in Israel, acquired the property.

“Tealwood Parke is one of the few remaining multifamily properties prime for repositioning within the submarket,” said Donaldson. “Despite the pandemic, the property’s performance remained resilient and the response to the offering was substantial with more than 330 registered buyers and 27 offers during a three-week marketing period.”

Located at 4704 Lucier Court, Tealwood Parke will be rebranded as the Vista at Winter Park. The lakeside property offers two-bedroom apartments with an average unit size of 935 square feet and was 100 percent occupied at the time of the sale. Amenities include a swimming pool with a sundeck, a clubhouse with a coffee bar, a fitness center and private entries in select units.

“The buyer currently has a presence of about 1,500 units throughout the Southeast and plans to implement a significant renovation program to bring the property to the standard typically found in Winter Park,” said Meoli.