ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit.
Berkadia arranged a $35.2 million loan for the acquisition of the property. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Fla., office arranged the 10-year, floating-rate loan with five years interest-only financing for the borrower. Fannie Mae provided the loan as part of its Green Rewards program.
Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units have an average size of 1,090 square feet and an average market rent of $1,355. At the time of sale, the property was 96.3 percent occupied.
All units at the property features private entries, fenced patios, ceramic tile flooring, modern maple cabinetry, washers and dryers, a wood-burning fireplace and two-inch mini-blinds. Select apartments have stainless steel appliances, 16-foot vaulted ceilings and California closets. Community amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, cyber café, fitness center, grilling area with gazebo, playground, dog park, fire pit with seating area, a car care center and 704 parking spaces. The previous owner spent nearly $3 million on capital improvements since 2015.
Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily Team represented the sellers in the deal.