SARASOTA — A Sarasota-based company specializing in buying and renovating apartment complexes on behalf of investors closed Monday on the latest of two deals worth a total of $115 million.
Insula Cos. sold The Glenn Apartments, a 396-unit complex located in Orlando, and bought The Estates at Countryside, a 320-unit complex in Clearwater, according to a Wednesday news release. The deals were the biggest sale and acquisition for the company, which was founded in 2009.
The Glenn Apartments were sold Jan. 14 for $64.8 million to a Seattle-based real estate investment firm, Horizon Realty Advisors, the company said. It was financed with a $40.5 million loan from Freddie Mac. Insula was represented by CBRE’s Shelton Granade in the sale.
The 30-acre Glenn Apartments at 10801 Heather Ridge Circle offers one- and two-bedroom units, three pools, a game room with billiards, a sand volleyball court and a 2,500-square-foot fitness center with spin and yoga rooms. It was built in 1986 and is 97 percent occupied
Insula bought the property in 2016 for $42 million. The improvements it made included resurfacing the parking lot, upgrading the clubhouse and replacing roofs.
“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,” Fred Cochran, managing partner at Insula, said in the release.
The $50 million purchase on Monday of The Estates at Countryside was the company’s largest acquisition to date. Insula acquired the 15.5-acre property at 2652 North McMullen Booth Road from a private seller in Southeast Florida. The complex has one-, two- and three-bedroom units and was built in 1991. Its occupancy rate is 94 percent.
Jason Stanton of Berkadia’s Tampa office represented Insula in the transaction. It was financed with a $33.73 million loan from Freddie Mac.
Insula plans to replace all roofs, upgrade the pool and clubhouse, paint the exterior, repave the parking lot and refresh the landscaping, the company said.
“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,” Cochran said.
Insula, with an office in Suite 400 of BMO Harris Plaza at 240 S. Pineapple Ave., grew 23 percent in the last year and operates 3,200 units across Florida, according to the company. It has 90 employees.