Canopy Apartment Villas changes hands for $47.95m

An affiliate of Taurus Investment Holdings acquired Canopy Apartment Villas, a 296-unit value-add multifamily scheme in Orlando, Florida, for $47.95m. Built in 1981, the property changed hands for just under $161,995 per unit. Spread over 28 acres, Canopy Apartment Villas features 56 one- and two-story villa and townhome-style residential buildings, averaging 1,090 sq ft. Amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, a grilling area with a gazebo and a car-care center. Cushman & Wakefield represented the sellers, Robbins Property Associates and LEM Capital.

“Canopy Apartment Villas provided investors with an opportunity to acquire a remarkable value-add asset with tremendous upside in Orlando, one of the nation’s top growth multifamily markets,” said Jay Ballard of C&W. “The property’s single-story villa and town home layouts are truly unique and offer some of the largest floor plans in the submarket.”