Built in 1981, Canopy Apartment Villas were acquired by Taurus Investment Holdings
Orlando, Fla. (Oct. 17, 2018) – Berkadia has arranged a $35.23 million loan for the acquisition of Canopy Apartment Villas, a multi-family residence of single-story villas and townhomes located in Orlando. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the loan on behalf of the buyer, Taurus Investment Holdings.
Fannie Mae provided the 10-year, floating-rate loan with five years interest only as part of its “Green Rewards” program.”
“We are confident that the Canopy Apartment Villas will prove to be a unique asset and advantageous prospect for our client as it is set in an incredibly opportune location,” said Sinberg. “Orlando provides connectivity to thousands of jobs and in 2018, was ranked the fourth fastest growing city by Forbes.”
“We were pleased to work with our outstanding Fannie Mae team to assist Taurus in this spectacular acquisition as they continue to grow their multifamily portfolio,” added Robbins. “Amazing work by all parties involved.”
“This was a great opportunity for Taurus to purchase a unique asset in an attractive location within the city of Orlando,” said Peter Merrigan, CEO of Taurus Investment Holdings. “With Orlando’s continuous growth, we are confident in our ability to maximize the value of this investment.”
Built in 1981, the Canopy Apartment Villas are comprised of 296 units and include a variety of one-, two- and three-bedroom units averaging in 1,090 square feet. The apartment villas include 704 parking spaces, a recently renovated clubhouse, expanded fitness center, upgraded pool and new landscaping. The previous owner spent almost $3 million on capital improvements since 2015.
The Canopy Apartment Villas are conveniently positioned near Orlando’s top demand drivers and in the center of over 22 million square feet of key employment centers. They are located at 5762 Folkston Lane, Orlando, Florida 32822, just 11 minutes from the Orlando International Airport, 12 minutes from Downtown Orlando and 10 minutes from the Colonial Plaza Mall.