The Bascom Group, LLC has purchased Enclave at Lake Ellenor, a 320-unit apartment community in Orlando, Florida. The property was purchased for $68.5 million through a partnership with East Hill Capital and Leste Group.This is the second property acquired by Bascom with East Hill and Leste Group.
The property is in proximity to Interstate 4 and the Florida Turnpike, providing access to retail, entertainment, dining and major employment areas. The firm plans to undergo unit, property exterior, amenity and operational renovations and improvement.
“Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan,” added Tony Ferrell, Bascom SVP of operations. “Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures.”
“We’re pleased to support the strategic renovation of this apartment property in Orlando’s fast-growing suburban market with our joint venture partners,” commented Josh Patinkin, Leste managing director. “This acquisition reflects Leste’s ability to identify multifamily workforce housing where our equity capital can be deployed to upgrade property contributing both to improved quality of life for residents of residential housing communities in the nation’s Sunbelt, and the generation of long-term value creation opportunities for our investors.”