ORLANDO, FL--CB Richard Ellis is pleased to present Sun Key, a 596-unit multi-housing investment opportunity with a highly desirable Winter Park address. (The listing price is still to be determined.)
Completely rehabbed in 2008, this infill community benefits from more than $11 million in capital upgrades over the last five years. The property is currently 94% occupied, and presents new ownership with the opportunity to acquire a fully renovated project well below replacement cost and newer “A” product.
This extremely desirable entry point is likely to allow investors to enjoy tremendous returns through sound property management and further market improvement going forward.
The extensive recent rehab at Sun Key provides a distinct advantage over competitors in the submarket. Interior upgrades within the last two years in every unit include:
new stainless steel appliances with flat surface stoves, new faux wood and Berber flooring, new washer/dryers, faux granite countertops, new deep basin kitchen sinks, new light fixtures, new ceiling fans, and new kitchen and bathroom cabinetry.
Major exterior and common area improvements were also made, including: new roofs on all buildings; new exterior paint; new signage; new pool pavers and pool furniture; the addition of a state of the art Wi-Fi business center; two fully renovated clubhouses; new architectural lattice work on the stairway windows; and an impressive game room with flat-screen TVs, video game stations, air hockey, foosball, and a pool table.
These significant capital improvements coupled with the asset’s desirable location make Sun Key the rental community to call home in the Winter Park area.
Sun Key and the Orlando market are poised for meaningful improvement. MPF Torto Wheaton’s 2010 Research Report projects that Orlando will add jobs in 2010 and enjoy the 2nd strongest employment growth in the country over the next five years.
That report predicts that the metro area will add 207,000 jobs from 2010 – 2015. During that same time, they forecast that average apartment rents in Orlando will climb from $810 to $965 with occupancy reaching 94.8% by 2012. Those expected gains bode extremely well for owners of infill properties like Sun Key.
Investment Contacts:
Shelton Granade, (top left photo) Senior Vice President, 407-839-3103,
shelton.granade@cbre.com,
Luke Wickham,
(middle right photo) Director of Operations, 407-839-3130,
luke.wickham@cbre.com
Financing Contact: Charles Foschini, (lower left photo) Vice Chairman, 305.381.6424,
charles.foschini@cbre.com
This extremely desirable entry point is likely to allow investors to enjoy tremendous returns through sound property management and further market improvement going forward. 
Major exterior and common area improvements were also made, including: new roofs on all buildings; new exterior paint; new signage; new pool pavers and pool furniture; the addition of a state of the art Wi-Fi business center; two fully renovated clubhouses; new architectural lattice work on the stairway windows; and an impressive game room with flat-screen TVs, video game stations, air hockey, foosball, and a pool table. 
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