Fla. Condo Converter Pays $19Mln for Orlando Apartments
Jerry W. Jackson
CondoMax USA, a Boca Raton-based condo-conversion company, said Thursday it has acquired the Cypress Pointe apartment complex in Orlando for about $19 million and will sell units starting in the $180,000s.
The conversion should be complete by late summer and the 236-unit complex will be renamed Cypress Pointe at Lake Orlando. Amenities will include a new entry gate and renovated two-story clubhouse with a private, upscale movie theater featuring real theater-style seating.
Each of the property's 11 buildings will have a distinctive lobby entrance. Other amenities include a swimming pool and spa, putting green, exercise room, game room, car-wash area, playground, two lighted tennis courts, lakefront picnic area and boat dock.
CondoMax principals Izzy Ashkenazy and Jonathan Agus are working four other conversion projects statewide, three of which are in the Orlando area: Sunset Lake (formerly Courtney Place), a 238-unit garden style community on Turkey Lake; Villas at Lakeside (formerly Summer Club), a 294-unit garden-style property in Oviedo; and The Fountains (formerly Toscana), a 238-unit complex in west Orlando near the Central Florida Fairgrounds.
Agus said the units, averaging 1,300 square feet, provide amenities "at prices that working residents can realistically afford" and investment opportunities "for those looking for a second home with access to nearby golf courses and all of Orlando's hot spots." Sales begin in mid-August.
The conversion should be complete by late summer and the 236-unit complex will be renamed Cypress Pointe at Lake Orlando. Amenities will include a new entry gate and renovated two-story clubhouse with a private, upscale movie theater featuring real theater-style seating.
Each of the property's 11 buildings will have a distinctive lobby entrance. Other amenities include a swimming pool and spa, putting green, exercise room, game room, car-wash area, playground, two lighted tennis courts, lakefront picnic area and boat dock.
CondoMax principals Izzy Ashkenazy and Jonathan Agus are working four other conversion projects statewide, three of which are in the Orlando area: Sunset Lake (formerly Courtney Place), a 238-unit garden style community on Turkey Lake; Villas at Lakeside (formerly Summer Club), a 294-unit garden-style property in Oviedo; and The Fountains (formerly Toscana), a 238-unit complex in west Orlando near the Central Florida Fairgrounds.
Agus said the units, averaging 1,300 square feet, provide amenities "at prices that working residents can realistically afford" and investment opportunities "for those looking for a second home with access to nearby golf courses and all of Orlando's hot spots." Sales begin in mid-August.
posted by James Haft at 11:16 AM
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