Argosy Real Estate Partners Exits The Laurel at Altamonte Apartments in Orlando, FL
On April 7, 2022, a partnership controlled by Argosy Real Estate Partners exited its investment in The Laurel at Altamonte, a 240-unit multifamily property in Orlando, Florida. The Laurel at Altamonte was sold to a private real estate investment firm.
In October 2020, Argosy partnered with Duncan Hillsley Capital to acquire the 2000-vintage garden-style multifamily property that was previously operated as a condominium community. The partnership purchased the property directly from the condominium association becoming the first owner to operate the property as multifamily following a deconversion. During its ownership, Argosy also addressed deferred maintenance needs and established institutional property management focused on active revenue management and increasing in-place rents to market.
Duncan Hillsley Capital is a value-oriented commercial real estate investment company based in Boca Raton, Florida. The Laurel at Altamonte represents Argosy’s first investment alongside Duncan Hillsley Capital.
The property is located in the Altamonte Springs/Apopka submarket within Seminole County, approximately 15 miles northwest of downtown Orlando. Seminole County is one of the most affluent submarkets of Orlando and is known for its high-quality schools, financial services and healthcare employment centers, and easy access to the rest of the metro area. The property consists of 11 two-story residential buildings featuring a mix of one-, two- and three-bedroom apartments with 9-foot ceilings and original interior finishes. Community amenities include an oversized clubhouse with fitness center, swimming pool, 48 private covered garages, and storage units.