NY-Based Ashcroft Capital Acquires Winter Park Multifamily

WINTER PARK, FL—New York City-based Ashcroft Capital has acquired the 278-unit Amber Lakes multifamily development here from Aspen Square Management of West Springfield, MA.

Berkadia arranged the sale and acquisition loan for the property located in Orlando’s Winter Park suburb near Full Sail University, Rollins College and the University of Central Florida. No financial terms of the sale or acquisition financing were released.

Built in 1974, Amber Lakes is located at 4755 North Goldenrod Road and features studios, one-, two- and three-bedroom units that offer hardwood floors, walk-in closets, dishwasher, and washer/dryer. Community amenities include two resort-style pools, a lounging sundeck with cabanas, a white sand lakeside beach with hammocks, access to dock and Lake Nan, complimentary kayak and paddle board rentals, a fitness center, tennis court, playground, bark park and covered parking.

Berkadia senior managing director Cole Whitaker and director Mary Beale of the firm’s Orlando office represented Aspen Square Management in the sale of the property. Jason Rice, managing director of Berkadia’s Dallas office secured the loan on behalf of Ashcroft Capital.

“The Orlando metro area has significantly outpaced the nation in job creation, seeing a 3.6% increase over the past 12 months compared to a 1.5% average over the same period nationwide,” says Berkadia’s Whitaker. “The continued rate of job growth coupled with elevated in-migration could keep upward pressure on rents, despite a strong influx of units expected to come online next year.”

The community is found near major transit routes and employers. Central Florida Greenway is about five minutes away, offering direct access to downtown Orlando and Orlando Executive Airport. The property is now being marketed by Ashcroft Capital as LIV at Winter Park, according to Ashcroft Capital’s website.