ORLANDO—Sun Lake Apartment Homes, a 600-unit luxury multifamily community in Lake Mary, FL, just sold for $66.25 million. Ecoventures Capital Fund acquired the asset. The transaction was the second-largest apartment complex sale in Greater Orlando in 2014.

CBRE's Shelton Granade, Luke Wickham, and Justin Basquill worked on behalf of Harbor Group International (HGI), a global private investment firm with a portfolio valued at approximately $4.2 billion, to sell the asset. An HGI affiliate acquired Sun Lake in 2012.

“Orlando is continuing to see an uptick in larger transactions in the multifamily space,” Granade, executive vice president of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “Investors are drawn to the upside and improving fundamentals in Central Florida, and are finding it more efficient to put out capital in the $50 million to $150 million range, as evidenced by our sale of Sun Lake, Sun Key, Camden Club, Alexandria, and others in the last few months.”

Located at 420 Sun Lake Circle, Sun Lake has 26 two-and three-story residential buildings and a clubhouse with fitness and business centers. With more than $10 million in capital upgrades completed in recent years, the multifamily asset is 96% occupied. Sun Lake was built in 1988.

Sun Lake is across the street from Northpoint Office Park. It's also a few minutes from major employment centers such as the Primera and Lake Mary Heathrow Office Parks, the lakefront community features fishing, kayaking and paddle boarding from the property's pier.

“Sun Lake attracted very competitive bidding from several large investment groups that resulted in one of the year's largest transactions in Orlando,” says Granade, executive vice president of CBRE Capital Markets, Multifamily. “The property has a unique location on Greenwood Lake in the prestigious Lake Mary neighborhood, and draws an excellent tenant base due to its proximity to retail, dining, and leading professional employers.”