Cushman & Wakefield arranged the sale of Sunwood Village, a 78-unit apartment community located in Leesburg.
The final sale price was $8 million.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, ESO Equity Group, in the transaction. Insula Companies, a Sarasota, Florida-based firm specializing in apartment community acquisition and revitalization on behalf of investors, acquired the property.
“The sale of Sunwood Village is another prime example of investors targeting alternate smaller markets in Florida that are experiencing tremendous growth,” Donaldson said. “Leesburg has benefited from its proximity to the Villages and Orlando, two of the fastest growing markets in the country in the last few years. With little current and forthcoming multifamily inventory in Leesburg, the market has few Class B fully market-rate communities, making Sunwood Village a prime repositioning opportunity.”
Located at 1 & 39 Herald Drive, the property includes one- and two-bedroom apartments with an average unique size of 917 square feet.
“Insula Companies is well-versed in value-add renovations and plans a significant transformation of the community to take advantage of the population influx taking place in the area,” Meoli said. “With desirable retail and healthcare employment within close proximity, Sunwood Village is poised to be one of the premier rental communities in Leesburg.”
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