LAKE BUENA VISTA, FL-The one-year-old Alta at Little Lake Bryan apartment community, five minutes from the front door of Walt Disney World, has been purchased by European American Residential, an 18-year-old, privately held development and investment firm with offices in Atlanta and Chicago.
European American's acquisition manager, Neal Stacey, couldn't be reached by GlobeSt.com's publication deadline to learn details of the deal, including price and seller's identity. However, Orange County brokers specializing in condo conversions tell GlobeSt.com the 336-unit property probably sold for at least $100,000 per unit or a total $34 million.
In a prepared statement, European American says the apartments will be converted immediately to condos with prices ranging from $150,000 to $300,000. The Alta will be renamed Discovery Palms and renovated as "a gated, resort-style enclave," according to the statement. "Given its price and location, the condo community will be equally attractive to local buyers who work in Downtown Orlando, as well as resort second-home buyers from cities around the country and from as far away as Great Britain," the statement says.
European American Residential buys, sells, finances and is developing $1.2 billion in real estate investments. In southwest Orlando, Tarragon South Development Corp. has sold out the first 375-unit phase at the 743-unit Hamptons at Metro West located at 6401 Times Square Ave. in the 1,800-acre MetroWest mixed-use development near Universal Orlando.
"The remaining 368 units also are expected to sell quickly," says Tarragon South executive vice president Tony Martin. "We are pleased, but not surprised by the rapid sellout of Phase I" since the property "boasts a convenient location and great amenities package," Martin says. Prices start at $160,000.
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