The Stonecastle Apartments in Winter Park has been picked up by Miami-based investment firm Pensam Capital. Located in the Orlando metro area at 2015 Stonecastle Terr., the 200 unit community rests on a 17 acre site. The property is made up of eleven two- and three-story buildings, 54 detached garages and 42 storage units, as well as 440 parking spaces. Amenities include a fitness and business center, clubhouse and tennis court. CBRE Group represented the seller, an affiliate of the Stoneleigh Cos. The sale price was undisclosed, but according to Yardi Matrix, back in 2013 Stoneleigh purchased the asset for $21.3 million from Capri Capital Partners. At the time of the sale the asset was 99 percent leased.
“Stonecastle is one of the very few multifamily communities built in 2000 or newer with an exclusive Winter Park address,” Shelton Granade, vice chairman with CBRE Capital Markets, said in prepared remarks. “Investors were really drawn to the location as well as the potential value-add upside, both of which helped make this asset very competitively bid.”
