Year built1988
RefSRC-LI-002
About this investment
Lake Irene is a 384-unit, Class B+ multifamily property located in Casselberry, part of the Orlando MSA.
We acquired The Reserve at Lake Irene in an off-market transaction alongside our joint-venture partner whose key principals have operated in the Orlando market for more than 20 years.
Repositioning to Class B+ (from B) involved site improvements and light interior renovations to enhance residents' living experience.
Investment highlights
- Off-market acquisition
- Class B+ repositioning
- Orlando MSA
- Operator alignment
- Value-add execution
- Asset sold 2021
Property specs
- Property style
- Multifamily
- Year built
- 1988
- Units
- 384
- Location
- Orlando, FL (Casselberry)
- Acquisition
- 2017
- Total transaction
- $47.2M
- Spoke investor equity
- $8.9M
- Status
- Sold (2021)
Interior program
- Renovation scope
- Light interior upgrades
- Unit class
- Class B+ (from B)
Exterior program
- Site improvements
- Common-area enhancements
Market context
- MSA
- Orlando
- Submarket
- Casselberry
- Strategy
- Value-add multifamily
Additional information
- Orlando continues to represent one of the fastest growing cities in terms of population, job, and economic growth.
