Andover at Winter Park apartments in Orlando sell for $26.8m

The Andover at Winter Park apartment complex has been sold to Avesta Communities in a $26.8 million transaction. Located in the Orlando submarket of Winter Park at 1743 Semoran North Circle, the 348-unit community changed hands for just over $77,000 per apartment. Built in 1969, the asset features one- to three-bedroom floor plans ranging in size from 782 sqf to 1,357 sqf. The property will be rebranded as Avesta Winter Park after undergoing a multi-million dollar capital improvement program that will include the renovation of both the interior and exterior of the community. “We are pleased to find this expansive 26-acre community in one of the most desirable locations in Orlando,” Joe Facchini, Avesta partner, said. “This area’s population is expected to grow by 7 percent in the next four years, and the unemployment rate in Winter Park is the lowest in the entire Orlando market. All of this means Avesta Winter Park should benefit long-term from a strong renter base.”