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152-unit boutique multifamily property acquired in joint venture with ApexOne Growth & Income Fund I
NEWTOWN SQUARE, PA --- September 30, 2014 --- Balfour Beatty Communities, a leading provider of property management, development and related real estate services for the multifamily, military, and student housing markets, announced today its acquisition of Carmendy Square Townhomes, a 152-unit boutique multifamily community in Lady Lake, Florida. The property is located off US Highway 441 and within close proximity of The Villages—the fastest growing metropolitan area in the US—and approximately 25 miles south of Ocala and 50 miles northwest of Orlando.
Balfour Beatty Communities acquired Carmendy Square through a joint venture with ApexOne Investment Partners, a Houston-based real estate investment firm, on behalf of the ApexOne Growth & Income Fund I. Balfour Beatty Communities will self-perform all property management services through its Multifamily Division.
"Carmendy Square is a well-leased asset in a strategic location that allows us to further develop our presence in the Florida multifamily market," said Chris Williams, president of Balfour Beatty Communities. "We are very pleased to own and operate this property and look forward to bringing continued improvements that will further enhance the resident experience in this popular community."
Carmendy Square Townhomes consists of two and three bedroom units with and average unit size of 1200 square feet. Each townhome boasts a private entry and backyard, while the interiors feature oak cabinetry, ceramic tile and large closets. Community amenities include a resort-style pool, 24-hour fitness center, internet café, business center, clubhouse, dog park, playground and picnic areas.
Carmendy Square is situated in close proximity to The Villages, a master-planned retirement community with a population of more than 107,000 residents. As part of this growing community, residents have convenient access to a wide assortment of retailers, shops, restaurants state-of-the-art health care facilities, and entertainment venues, including close to 40 golf courses.