RK Properties acquired the 285-unit Alta East Shore in Apopka
Berkadia announces it has arranged the sale of Alta East Shore, a brand new, 285-unit, luxury garden-style community in the Orlando area suburb of Apopka.
Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando, marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga. RK Properties, a national multifamily owner and operator with assets across the southeast, acquired the property.
“We continue to be impressed with the exceptional performance and lease-up metrics we are witnessing on new multifamily developments like Alta East Shore, that are situated in perceived ‘second’ or ‘third’ rung suburban locations in Central Florida,” said Moss. “We commend Wood Partners for having the strategic foresight in recognizing these types of population and demographic shifts that are playing out and delivering a best-in-class product that truly fills a gap in the market.”
Added Wilcox, “There are many eyes on Apopka now in anticipation of the completion of the Wekiva Parkway project, which opens up an entirely new economic corridor connecting the Apopka area to Lake Mary/Sanford, and represents the final link in Orlando’s beltway system. Apopka’s rapid growth up to this point is just the tip of the iceberg.”
According to Berkadia Research’s Q3 2021 score card for the Orlando market, average monthly rent in the Orlando metro area rose 19.5 percent year over year landing at $1,493 per month. Occupancy is hovering around 97.6 percent.
Built in 2021 and located at 2423 Areca Palm Drive, Alta East Shore offers one-, two- and three-bedroom apartments ranging from 757 square feet to 1,287 square feet. Individual units offer fully equipped kitchens with stainless-steel, energy-efficient appliances, granite countertops, a kitchen island with breakfast bar seating, soft-close cabinetry with chrome hardware, under-cabinet lighting in kitchens, designer pendant lighting, wood-inspired flooring, plush carpets in bedrooms, spacious walk-in closets, full-sized washer and dryers, and expansive screened balconies and patios.
The gated community amenities include a resort-style swimming pool with private, poolside cabanas, an outdoor fire pit, pool pavilion with a beer tap and pizza oven, state-of-the-art fitness center with free weights, recreational boxing & cardio equipment, dedicated yoga studio with a virtual trainer, a club room with both business and conference centers, game room with billiards, resident coffee bar, dog park with pet washing station, 24/7 package room, storage units, and private detached garages available for rent.
Situated in Apopka, Alta East Shore is located just west of the AdventHealth Apopka medical campus, near the intersection of Orlando’s Western Beltway (SR-429) and Maitland Boulevard (SR-414).
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.