Hold-Thyssen Negotiates $9.65 Million Sale of 50-Year Old Apartment Complex in Winter Park
WINTER PARK, Fla. --- Robert P. Hold, principal at Hold-Thyssen, Inc., negotiated a sale of the 97-unit Evergreen Apartments in Winter Park. The value-add multi-family property built in 1972 that operated more than four decades at or over 95 percent occupancy recently sold for $9,650,000 or $99,484 per unit.
Hold purchased the property with partners for $725,200 in 1977 when the one-bedroom apartments were known as the place where the Minnesota Twins stayed during spring training. The most recent asking rents have been in the $800 per month range, Hold said.
The buyer, an affiliate of Massachusetts-based Aspen Square Management who invests in value-add multi-family opportunities, plans to completely renovate the entire interior and exterior of the complex. Cole Whitaker of Berkadia Real Estate Advisors represented the buyer in the transaction.
Hold-Thyssen Inc. is a full service commercial property firm that provides commercial property brokerage, leasing and management services to institutional and private investor clients nationwide. The 40-year old firm’s current management portfolio includes more that 100 commercial properties throughout the United States.
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