Enclave at Lake Ellenor sold to a joint venture between East Hill Capital Partners
& The Bascom Group
Berkadia announces it has arranged financing for the acquisition of Enclave at Lake Ellenor, a 320-unit value-add garden-style apartment community located in Orlando. Senior Managing Director Charles Foschini and Managing Directors Chris Apone and Scott Wadler of Berkadia Miami secured the financing on behalf of the buyer, a joint venture between East Hill Capital Partners & The Bascom Group. The property was 97.5 percent occupied at the time of sale.
Starwood Property Trust originated the $59 million, four-year, floating-rate bridge loan, with full-term interest only and one 12-month extension option. The loan includes $54 million in initial funding and $5.83 million of future funding.
According to Berkadia’s 3Q21 Report Card, the Orlando market saw rents climb 19.5 percent year to date, making it one of the strongest rent growth markets in the country.
“Our client was fortunate to find this deal in an off-market transaction and identify numerous aspects of the community where there approach could add substantive value,” said Foschini. “Working under a tight time frame between the major holidays, we were able to source a lender who provided both extremely aggressive terms and leverage, as well as the follow capital needed to raise the asset to the next level.”
Located at 2100 W. Oak Ridge Road, Enclave at Lake Ellenor was originally built in 1973 with two new buildings in 2020 delivering an additional 24 luxury units.
Located on 25 acres, the property consists of several garden-style (two- and three-story buildings) in a waterside setting in a low-density, infill location. Of the property’s total 320 units, 296 are available for considerable renovations and offer considerable upside. The property offers modern studio, one-, two- and three-bedroom floor plans with chef-inspired kitchens, designer cabinetry and upgraded appliances, oversized bedrooms and large closets, and in select units, wood-style plank flooring, valued ceilings, sunken living rooms and full-sized washer/dryer.
Community amenities including two resort-style swimming pools, lushly landscaped grounds, a modern fitness center with kid’s playroom, package lockers, pet park, and ample space for additional amenities. Located just five miles from downtown Orlando, Enclave at Lake Ellenor offers extraordinary access to more than 100,000 jobs in the CBD, along with the top demand drivers/employers including Orlando Health Regional Medical Center, the upscale Mall at Millenia shopping district, and Universal Orlando Resort.