The Chelsea Park Apartments in Orlando have been acquired by Minneapolis-based multifamily developer and manager Dominium for $10.75 million, reflecting a per-unit price of just under $89,585 for the 120 unit complex. The thirty year old community, located on Goldenpointe Blvd., just east of the Orlando Executive Airport, was 94 percent leased at the time of the sale. The buyer says a complete renovation of the property will be completed by June 2017. Amenities at the complex, renamed Bellancia Apartments, include a fitness and business center, clubhouse, tennis and basketball courts, spa and laundry facilities. The sellers of the apartments were Golden Vista Apartments Ltd. and Golden Vista General Partner Inc.
“Bellancia Apartments is in a great neighborhood with a growing population in need of multifamily housing,” Dominium Development Associate Ryan Williams said in a statement. “It is next to another property Dominium owns and we believe that through our planned renovations, it will provide an opportunity for residents to move into market-rate units once they have achieved a higher income and no longer need affordable housing.”
