Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Stonecastle Apartment Homes, a 220-unit apartment complex located in the desired area of Winter Park, Florida.
Built in 2001, Stonecastle is a 206,530-square-foot property surrounded by scenic lake views. The 17.48-acre property is comprised of 11 residential buildings with modern one-, two- and three-bedroom floor plans featuring open-concept layouts, oversized walk-in closets, vaulted ceilings, and smart-home technology.
“The Orlando market is in high demand due to the strong rebound in property and growth fundamentals,” said Shelton Granade, IPA executive managing director. “Stonecastle is in a good location with a favorable Winter Park address, so it’s not a surprise that the market viewed it as an exciting investment opportunity.” Granade, and IPA’s Justin Basquill, Luke Wickham, and Sean Williams had the exclusive listing to market the property on behalf of the seller, Pensam Capital. Granade’s team also procured the Des Moines, Iowa-based buyer, BHE Acquisitions.
Located at 2015 New Stonecastle Terrace, Stonecastle Apartment Homes are situated one mile from the Publix-anchored Casselberry Commons, two miles from Full Sail University, and less than 12 miles from Downtown Orlando.
The property features upgraded fixtures, tile and wood-look flooring and private patios/balconies. Community amenities include a chic clubhouse, 24-hour fitness center, expansive pet park with agility equipment, detached garages, resort-style swimming pool, tennis court, media room, business center and complimentary Starbucks coffee café. Rental rates start from $1,183 per month, according to Bhmanagement.com.