Cushman & Wakefield announced today that its Equity, Debt & Structured Finance team based in Atlanta has arranged acquisition financing on behalf of ApexOne Investment Partners for the purchase of Carmendy Square, a 152-unit boutique townhome community in Lady Lake, Fla., located between Orlando and Ocala. ApexOne, a Houston-based real estate investment firm, acquired the property in a joint venture with Balfour Beatty Communities, a diversified real estate services company.
Mike Ryan, Telly Fathaly, Jeff Walker and Brian Linnihan of C&W’s EDSF team arranged the financing on behalf of ApexOne Investment Partners. JPMorgan Chase provided the loan, which carries a loan to purchase price of 76 percent. The property is nearly 97 percent leased.
“This was an excellent opportunity for the sponsor to acquire a high-quality, well-leased property and invest in additional improvements to enhance income and property value,” said Mike Ryan.
New ownership plans to invest in capital improvements focused primarily on unit interiors to complement a recently completed renovation, which included improvements to amenities, landscaping and exteriors.
Built between 1999 and 2002, the property includes a full amenity package, including a swimming pool, fitness facility and a clubhouse. Located at 367 Sunny Oaks Way in Lady Lake, Fla., off of US Highway 441, Carmendy Square is two miles west of The Villages, a master-planned retirement community that is also the fastest-growing metropolitan area in the U.S.
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