Argosy Real Estate Partners Acquires Milan Apartments
|We are pleased to announce that Argosy Real Estate Partners has acquired Milan Apartments, a 94% occupied, 240-unit, 2000-vintage, garden-style multifamily property located in the Altamonte Springs/Apopka submarket of suburban Orlando, FL. The property had been owned and operated as a condominium community for 12 years until the condominium owners voted to ‘deconvert’ the property in December 2019 and sell all units in bulk as apartments.
The business plan will involve consolidating units under one ownership, hiring an institutional property management firm to immediately add value by marking rents to market, and instituting a capital improvement program to renovate the common areas, amenities and interior units to further enhance rents. Upon acquisition, Milan Apartments will be one of the few early-2000s vintage apartment communities in Orlando with completely unrenovated interior units, offering a compelling value-add opportunity rarely found within this highly sought-after and supply constrained submarket.
The investment was made in partnership with Duncan Hillsley Capital (“Duncan Hillsley”) and GPC Partners (“GPC”), two South Florida based firms that own over 1,000 units in partnership. Duncan Hillsley specializes in the acquisition of distressed and underperforming assets with its principals’ experience totaling close to 18,000 multifamily and condominium units, primarily in Florida.