1020 at Winter Springs

WINTER SPRINGS, FL—Covenant Capital Group of Nashville has sold the 1020 at Winter Springs apartment community here to a joint venture of the Michaelson Group of Jacksonville, FL and GMF Capital of New York City for $32.5 million.

The trade of the 208-unit garden-style community was reported by Berkadia, which arranged financing for the transaction that calculated out to $156,250 per unit. The property located at 1020 Chatham Pines Circle was 97% occupied at the time of sale.

Senior managing director Cole Whitaker, managing director Jason Stanton, director Mary Beale and director Greg Rainey of Berkadia's Orlando office represented the seller. Berkadia senior managing director Mitch Sinberg and associate director Matt Robbins secured financing on behalf of the buyer. Freddie Mac provided the $26.13 million, fixed-rate loan with a 10-year term and five years interest only in connection with the purchase.