Franklin Street has arranged the $11 million sale of Tuskawilla Park, a 45-unit, 48,780-square-foot mixed-use property in the Orlando suburb of Winter Springs. The property, which includes 41 condo-quality apartments and four ground-floor commercial units, boasts convenient walkability to Publix, Starbucks, Tijuana Flats, Care Now Urgent Care and numerous other retailers and services.
Norfolk, Virginia-based Cohen Investment Group sold the property to South Florida-based Terra Equity Group, an investment management firm that focuses on acquiring value-add multifamily assets. Franklin Street’s Tampa-based Multifamily Investment Sales Team of DarronKattan, Zach Ames, Avery Jordan and Mark Savarese brokered the sale on behalf of both the buyer and seller.
Constructed in 2009, Tuskawilla Park is comprised of two three- and four-story buildings covering 1.57 acres. The property’s spacious one-, two- and three-bedroom apartment units feature granite counters, stainless steel appliances, gas ranges, 9-12 foot ceilings, full-size washers and dryers, modern lighting, security systems, tiled floors and balconies. Community amenities include a full-service fitness center, gated access parking areas, a pet park, digital key fob building access, elevator access, and paved walking areas with gardens, fountains and lush landscaping.
“Tuskawilla Park offered an investor the opportunity to acquire a well-maintained asset with highly desired walkability to numerous retailers, restaurants and services that has helped keep occupancy rates high,” said Kattan. “The property has proven value-add potential, and the ability to continue upgrading unit interiors and community amenities will create the ideal multifamily investment in today’s competitive market.”
Tuskawilla Park is located at 1401 Blumberg Blvd., at the corner of Winter Springs Town Center.