Isis At Tuskawilla Town Center
Winter Springs, FL
Multi-Family Property Investment
Purchase
This property consists of 41 new luxury condominiums and four ground floor retail units located in a new town center environment in Orlando, Florida. The foreclosed units were originally priced in the mid $300s and Landology purchased them substantially below current market and replacement cost. Prior to closing, the units were leased as luxury apartments. The property is located in a well-established, upper middle class submarket and is surrounded by beautiful landscaped gardens. The town center is anchored by a Publix grocery store and includes a variety of restaurants and shop space tenants.
Value Creation
Landology created an upscale rental property with strong cash flow, from a failed new condominium development. The asset is unique in the market, positioned adjoining a new retail town center development. Isis is the only new multi-family asset within the town center and has a waiting list for any potential vacancies.
Anticipated Liquidation
Landology plans to maximize rental income for sale of the asset to an institutional multi-family buyer within 1-2 years of purchase. This project is currently 95% leased with premium rents. Isis represents a luxury rental project in a high demand location.