CBRE arranged the $13.8 million sale of Ashley at Spring Valley, a 250-unit apartment complex just north of Orlando. The apartments sit across the street from the multi-million dollar homes in the gated community of Spring Lake. Ashley at Spring Valley was acquired from RW Ashley, LLC of New York and Strategic Properties of North America by Robbins Property Associates.
“The Seminole County and Altamonte Springs submarkets of Orlando have dynamic growth trends, and the proximity to key employers and shopping and dining destinations is compelling to multifamily investors,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “There are terrific demand drivers near Ashley at Spring Valley and new ownership should be able to benefit from rent growth as they continue to upgrade the property.”
The apartments were built in 1974 and renovated in 2013. Ashley at Spring Valley features two- and three-story apartment buildings, including a large clubhouse, two pools, a fitness center, tennis courts, and a playground. Of the community’s 250 units, 234 were recently enhanced with stainless steel appliances, granite countertops, ceramic tile flooring, and new cabinetry. The property was 94 percent occupied at closing.
