SARASOTA, Fla., Feb. 06, 2019 (GLOBE NEWSWIRE) -- Insula Companies, a Sarasota-based firm specializing in apartment community acquisition and revitalization on behalf of investors, today announced that it has successfully closed $115 million in property transactions, including the sale of The Glenn Apartments, a 396-unit complex located in Orlando, Florida and the acquisition of The Estates at Countryside, a 320-unit complex located in Clearwater, Florida.
The sale of The Glenn Apartments for $64,750,000 to a West Coast private buyer closed on January 14 and represents the largest sale of an asset in company history. Insula Companies was represented by CBRE’s Shelton Granade in the sale.
Located in the UCF submarket at 10801 Heather Ridge Circle, The Glenn Apartments sit on 30 acres and feature one and two-bedroom units and amenities, including three pools, a sundeck and tanning areas, a game room with billiards, a sand volleyball court and a 2,500-square-foot fitness center with spin and yoga rooms. Insula Companies acquired the property in 2016 for $42 million and under its ownership made value-added improvements, including a parking lot overlay, clubhouse upgrades and roof replacements.
“We were able to add significant value to this property through widespread improvements and effective management services, realizing an exceptional return for our investors in three years,” said Fred Cochran, managing partner at Insula Companies. “We look forward to continuing our historic run in 2019 by pursuing other strategic investment opportunities like this that have the potential to achieve significant value and returns for our investors.”
Insula Companies marked another historic company first this year with the firm’s largest acquisition to date – closing on The Estates at Countryside on February 4 for a purchase price of $50,100,000. Insula Companies acquired the 15.5-acre property located at 2652 North McMullen Booth Road in Clearwater from a private seller in Southeast Florida. Insula’s planned enhancements to this multi-family one, two and three-bedroom complex include replacing all roofs, upgrading the pool and clubhouse, painting the exterior, as well as a parking lot overlay and landscaping improvements. Jason Stanton of Berkadia’s Tampa office represented Insula during the transaction.
“We are excited to complete the acquisition of The Estates at Countryside, which is ideally located in an area that features highly rated schools, major centers of employment and convenient access to shopping, the arts, gulf beaches, and entertainment,” said Cochran. “We expect our planned enhancements to the property to bring value to the community and maximize returns for our private investors.”
Founded in 2009, Insula Companies is a regional leader in the multifamily investment market, growing 23 percent in the last year alone. The firm currently operates 3,200 units across Florida.
About Insula Companies
Since 2009, Insula Companies have recognized the potential for apartment community acquisition and revitalization, acquiring over 6,500 units and well over a half billion in assets in Florida-based multi-housing complexes. With regional offices serving multiple major Florida markets, the firm has developed an unparalleled understanding of the communities acquired and their future promise for enhancement and return. For more information about Insula Companies, please visit www.InsulaCompanies.com or call 941.960.7000.
Media Contact
Colleen Cavanaugh
Uproar PR for Insula Companies
ccavanaugh@uproarpr.com
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