Apartment sales soar as Sanford complex rings up giant price

A Sanford apartment complex recently sold for $59 million, one of the largest sales in Central Florida this year.

Elan Towne Center apartments off Rinehart Road and St Johns Parkway was purchased by Miami-based Solstice Loop Holdings LLC, in a deal that was closed Aug. 13.

The sale generated $413,000 in document fees to Seminole County. The property is expected to add approximately $342,000 to the city of Sanford’s general fund each year in property taxes.

It is the second large apartment complex sale in Sanford in the last three months. In May, Montgomery, Ala.-based B&M Management purchased the Solara Apartments for $42.3 million or $155,000 per unit.

The Orlando Business Journal’s Anjali Fluker, who broke the Elan story, reports that the $59 million price tag is one of the largest apartment property sales in Central Florida this year.

In addition, the per-unit price of $163,889 also ranks the Elan Towne Center sale among tops in the region. Other top apartment sales include:

  • Century palms at World gateway in celebration sold for $37 million or $146,825 per unit.
  • Reserves at Alafaya in Avalon Park slope for $42.7 million or $161,700 per unit
  • Shadow Creek in Winter springs sold for $40.9 million or $146,071 per unit.
  • Casa Mirella in Windermere sold for $50 million or $181,159 per unit

Elan Towne Center is part of the Southgate mixed-use development built by Greystar Corp. of Charleston South Carolina. The development brought a half dozen new restaurants to Sanford, including Cheddars, Buffalo Wild Wings, LongHorn Steakhouse, and Carrabba’s Italian Grill.

– by Dan Ping