Providence Management, has picked up the Pine Harbour Apartments in Orlando for $44.5 million. The 336-unit community on Bloomfield Drive in eastern Orlando, was built in 1990 and traded for $121,585 per unit. The gated, 18-building complex features a 24-hour fitness center, an indoor racquetball court, and a clubhouse and business center. The seller is related to Houston-based LSR Communities which bought the complex in June 2011 for nearly $31 million. Institutional Property Advisors (IPA), a division of brokerage Marcus & Millichap, represented the seller and procured the buyer.
“Pine Harbour’s previous owners updated many of the units though only 24 units have been fully upgraded,” said Still Hunter III, an executive director of IPA’s Northeast and Florida team. “By completing the unit upgrade program, the new ownership has a tremendous opportunity to unlock significant additional value. The Orlando rental market is rewarding apartment owners who upgrade their units’ interiors.”
