A Philadelphia-based real estate investment firm spent $33.5 million to add an apartment community on the east side of Orlando to its lineup of Central Florida properties.
GoldOller bought the 248-unit Cypress Run Apartments from Field Real Estate Holdings based in New York City. The sale works out to $135,080 per unit.
The deed of sale showed two entities tied to Field shared ownership: Fifth and 21st LLC, with a 52.5% ownership stake and ties to Kayfam Company LLP, and Cypress Run Property LLC. Property records show the community last sold in 1998 for $11.2 million.
The community’s 31 two-story residential buildings are spread across 20 acres at 7100 Gateshead Circle in the Azalea Park neighborhood. The land runs along the west side of South Goldenrod Road between State Road 408 and Curry Ford Road.
GoldOller obtained a $26.861 million loan from Maryland-based Walker & Dunlop to help finance the acquisition. The transaction closed May 11.
Representatives with GoldOller did not respond to requests for comment by phone or email.
The company’s website says it has a portfolio of over 40,000 units in a dozen states. Its other Orlando-area communities are Isles at East Millenia, The Club at Millenia and The Isle. It also has Florida properties in Gainesville, Jacksonville, Port Orange and St. Petersburg.
The Cypress Run website shows four floorplans: 600- and 780-square-foot units with one bedroom/one bath; 1,050-square-foot units with two bedrooms/two baths; and 1,200-square-foot units with three bedrooms/two-baths. The website does not include information on rent or amenities.
Apartments.com lists the pet-friendly community’s amenities as a pool, fitness center, laundry facilities, business center, playground, picnic area, car wash area, dog park and pet play area. Available apartment features include stainless steel appliances, dishwashers, fireplaces, washer/dryer, vinyl flooring and carpet, balconies and patios.
Cypress Run is among the latest multifamily communities in Central Florida to change ownership.
In late April, Camden Property Trust of Houston bought the 288-unit Bainbridge at Nona Place and rebranded it Camden at Lake Nona. The firm paid $64.45 million to Starlight Investments, a Toronto-based real estate investment and asset management firm.
Lisa McNatt, senior director of market analytics for Orlando-based CoStar Group, said the Orlando market has had strong apartment investment activity for the past couple of years. The trailing 12-month sales volume as of mid-May is $2.2 billion for the market which includes Lake, Osceola, Orange and Seminole counties.
“That’s nearly 2% of all sales across the U.S. in the past year, and a slight rise over the $2.1 billion closed the year prior,” McNatt said.
She said most of those trades were for higher-tier properties, but mid-tier properties like Cypress Run accounted for roughly $375 million in sales volume, at an average of about $200,000 per unit.
Underwriting standards have relaxed somewhat and the cost of an insurance policy in noncoastal areas has declined materially, and even though rent growth remains elusive, it’s projected to strengthen in 2027. McNatt said that works for many investors who aren’t underwriting properties for their first-year returns.
Brian Bell can be reached at bbell@orlandosentinel.com. Have a tip about Central Florida development? Email Newsroom@GrowthSpotter.com. Follow GrowthSpotter on Facebook and LinkedIn.
