Miami-based Solstice Loop Holdings LLC has acquired the Elan Towne Center apartments in Sanford for $59 million. Built in 2014 and located at 7951 Solstice Loop near the Seminole Towne Center mall, the property traded for $163,889 per unit. Shelton Granade, Luke Wickham and Justin Basquill of CBRE Inc. represented the properties developer Charleston, S.C.-based Greystar Corp. New York Life Real Estate Investors provided a $41.3 million, 15-year mortgage loan on behalf of the buyer.
“The property was completing lease-up when taken to market, and the strong investor demand was a testament to the desirable product and compelling employment story in the nearby Lake Mary Heathrow Office Park,” said Granade, vice chairman of CBRE’s capital markets multifamily division. “Institutional and larger private equity investors are flocking to these high-quality locations and opportunities and are bullish on the rent and employment gains projected for Orlando.”
