ORLANDO—Highpoint Club Apartments, a 348-unit multifamily project, has traded for $30 million. The sale price on the 43-building apartment community totals $86,207 per square foot.
Jamie B. May, an executive director of IPA, advised the seller, Sentinel Real Estate Corporation. Robbins Property Associates acquired the Orlando multifamily asset.
“This institutional-quality asset possesses enormous upside potential,” says May, noting that the 1995-built multifamily property has been well-maintained. “The new owner can continue to upgrade units in order to realize the property’s full potential, which will provide the opportunity for rent increases as the market improves.”
Highpoint Club Apartments is located in Orlando’s Waterford Lakes neighborhood within the high-performing University/East Orange County submarket. The 282,200-square foot multifamily complex is near the University of Central Florida, Central Florida Research Park, Downtown Orlando, and retail amenities such as Waterford Lakes Town Center, a premier 900,000-square foot shopping venue.
The multifamily development offers a resort-style swimming pool with spa, a resident business center, an illuminated tennis court and basketball court, 86 individual garages, a car care center, a private dock on the adjacent lake, a 24-hour fitness center and an onsite laundry facility. All units have washer/dryer connections.