ORLANDO—Sometimes, success with vintage multifamily just means repositioning the asset. That's what RW Ashley of New York and Strategic Properties of North America did with Ashley at Spring Valley.

The  joint venture renovated the Altamonte Springs, FL multifamily asset in 2013. Now, the firm is exiting the investment. The JV just sold it to Robbins Property Associates for $18.3 million.

CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller. The trio has closed $1.4 billion in apartment sales in Central Florida since 2013.

“We're generating very strong interest in repositioning opportunities in Orlando, and the Ashley at Spring Valley is a perfect candidate in the right type of location,” Granade, executive vice president of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “New ownership will be putting capital into the amenities to further enhance the tenant experience and the bottom line Net Operating Income.”

Located at 693 Wymore Road, Ashley at Spring Valley offers 250 units in the Orlando suburb. That location makes the multifamily asset easily accessible from Interstate 4 and State Road 436. It's also close to Uptown Altamonte, Crane's Roost Park, the Altamonte Mall, Florida Hospital Altamonte, and the Maitland Center Office Park.

“The Seminole County and Altamonte Springs submarkets of Orlando have dynamic growth trends, and the proximity to key employers and shopping and dining destinations is compelling to multifamily investors,” says Granade. “There are terrific demand drivers near Ashley at Spring Valley and new ownership should be able to benefit from rent growth as they continue to upgrade the property.”

Built in 1974, Ashley at Spring Valley features two- and three-story multifamily buildings. Of the multifamily community's 250 units, 234 were recently enhanced with stainless steel appliances, granite countertops, ceramic tile flooring, and new cabinetry. The property is 94% occupied.