Delaware-based Rock Rose Partners Royal Oaks has purchased the Royal Oaks Apartments on the west side of Orlando for $18 million. The 216-unit community, located on North Pine Hills Road, changed hands for just over $83,670 per unit. Built in 1992, the asset offers two and three bedroom floor plans whose owners can use the project’s pool, fitness center, clubhouse and professional on-site management. Berkadia South Florida Senior Managing Director Charles Foschini along with Managing Director Chris Apone arranged a $14.82 million adjustable rate, three-year loan, with an LTV of 82 percent for the buyer. “The borrower came to us with an exceptional value-add strategy for the property,” said Foschini. “Based on the amount of additional improvements they needed to provide, we identified a lender who could both allow them to acquire the property and then support their business plan over the next several years.“
