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ORLANDO—A Winter Park investment group thinks it knows a good deal when it sees one—and it sees one right now in the Vestavia Lakes Apartments, a 35-year-old, 90-unit multifamily property located in a prime residential neighborhood near the Downtown Orlando Regional Medical Center. Grandeville on Delaney Ltd., an affiliate of LeCesse Development Corp. of Winter Park, paid $4.67 million, or $51,889 per unit, for the property. The seller was American Realty Trust Inc., a Dallas REIT. After renovations are completed, the property will be worth “more than $6 million,” estimates broker Gerald A. Smith, vice president of Smith Equities Corp. in Orlando.

The projected new value would bring the per-unit price to $66,666, a jump of 27%. The average base rent for the 844-sf units is $665 per month. Cambridge Management of Winter Park will manage the property.

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