Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Canterbury Cove, a 300-unit multifamily asset in Orlando, Florida.
“Located near many of Orlando’s largest white-collar employment hubs in a submarket with a growing population, Canterbury Cove has a strong history of institutional ownership,” said Shelton Grande, IPA executive managing director investments. “The acquisition gives our buyer a compelling opportunity to realize meaningful revenue gains through strategic value-add renovations.” Granade and IPA’s Justin Basquill, Luke Wickham, and Sean Williams had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a fund manager, was also secured by Basquill, Wickham, Granade and Williams.
The property is 20 minutes from Downtown Orlando and minutes to Lee Vista Park, Lake Nona’s “Medical City,” Orlando International Airport, and the University of Central Florida. Waterford Lakes Town Center and major national retailers, including Publix and Starbucks are under a mile away.
Built in 2006, Canterbury Cove is a 14-building, two- and three-story garden-style property with a lagoon-style pool, expansive sundecks, outdoor kitchen and grill, fitness studio, playground, game room and lounge. The unit mix is one-, two- and three-bedroom floorplans with full-size washers and dryers and walk-in closets. The average unit size is 1,026 square feet.
