Altamonte Springs Apartment Community Fetches $11 Million

Cushman & Wakefield arranged the sale of The Studios at Uptown, a 108-unit all-studio apartment community located in Altamonte Springs.

The final sale price was $10.9 million.

Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, Axiom Realty Partners LLC in the transaction. Denny St. Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield represented the buyer, Ty and Tovah Lohman of Ormond Beach, Florida, with financing for the sale secured through Ameris Bank.

“The Studios at Uptown is a unique renovated community nearby the Altamonte Mall, Crane’s Roost Park and substantial employment,” Donaldson said. “The property had seen extensive interior renovations and remained well occupied with little delinquency throughout the pandemic.”

Located at 245 Loraine Drive, the property is 97% leased. Amenities include a swimming pool with a sundeck, tennis courts and on-site laundry facilities on each floor.

“We sold this community on an off-market basis to a repeat client that owns a hybrid of multifamily and extended stay units adjacent to The Studios at Uptown, making this a strategic acquisition for them,” Meoli added. “With little inventory and significant demand for multifamily in central Florida, we continue to see offerings move to contract quickly.”