An Ocoee apartment complex near West Oaks Mall sold to a South Florida investor for $42.7 million.
Aventura-based Advenir Inc.'s related Advenir@The Oaks LLC bought the 408-unit Oak Forest Apartments at 3100 and 3200 Old Winter Garden Road near Health Central hospital from Miami Beach-based Palatine Capital Partners LLC's Pal of I LLC and Pal of II LLC, Orange County records showed. The sale, which closed on on June 28, amounted to about $104,600 per unit.
The first phase of Oak Forest was built in 1989 with 160 units, while Phase 2 added another 248 units in 1991, Orange County records showed.
This sale comes in the midst of redevelopment plans for downtown Ocoee, which is about 2.5 miles from Oak Forest Apartments. Conceptual plans for downtown Ocoee's redevelopment call for new brick streets on Oakland Avenue with new retail and commercial buildings inspired by Southern architecture, as previously reported by Orlando Business Journal.
Plans also call for the intersection of McKey Street and Kissimmee Avenue in the downtown area being redevelopment for residential use. The city also is targeting land about 15 minutes southwest of downtown Ocoee as a site for new businesses and job creation, which is expected to spur a greater demand for housing nearby.
Downtown Ocoee's redevelopment plan is expected to be adopted by the city council in July. For more on the plans in Ocoee, as well as new downtown redevelopment plans in Clermont and Maitland, see OBJ's June 17 print edition or subscribers can read it online.
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