AVON PARK, FL—Capstone Apartment Partners has closed the $4,060,000 sale of Lakeside Villas: a 55-unit apartment asset in Avon Park, Florida. Comprised of two two-story buildings, the 3.06-acre community is nestled between Lake Lotela and U.S. Highway 27.
The Capstone transaction team was led by Tom Huffsmith, Nasser Al-Hafi, Brian Hunsicker, and Jad Richa, who sold the property on behalf of Green Owl Investment, LLC.
The buyer, R.D.G. II Enterprises Inc., has a growing portfolio within the greater Sebring/Avon Park area. They were in a 1031 exchange and were able to successfully swap into this asset and defer capital gains taxes on a previous sale.
“We were able to create a competitive bidding environment through our robust marketing strategy, and ultimately selected our buyer due to his successful transactional history in the market as well as his aggressive pricing and terms,” said Huffsmith. “This transaction is a perfect example of the heightened demand for all multi-family investment properties across Florida as we needed to set a Call For Offers after only three weeks of marketing due to the significant interest we received in the listing.”
Built in 1981, Lakeside Villas comprises studio, one-, and two-bedroom apartment units and was 100% occupied at the time of closing. Each apartment home features a fully equipped kitchen, tile flooring, ceiling fans, full-size washer/dryer, and a patio or balcony. Community amenities include a swimming pool, cabana, and community green space.