Orlando Condo/Townhome Closeout from $55,900
2 Years HOA fees paid at closing – 10%+ Net yield in place
**Strongest rental submarket in Orlando Metropolitan Area **
Only 10 residences remaining – over 10%+ Net yield in place
Overview
The Reserve Condos are situated in the prestigious Altamonte Springs area of Orlando. Located adjacent to the little Wekiva River, the property is within walking distance to abundant retail and restaurant outlets including: Lowe’s Target, Home Depot, Wal-Mart, Starbucks, Panera and Macaroni Grill. The Reserve is just a short drive from the 5.6 million square foot Maitland Center Office Park and is served by one of the best school districts in Orlando. The Reserve was substantially remodeled in 2006 with a renovated clubhouse, new roofs, new exterior paint, new screened patios and new railings. Each unit features its own screened balcony or patio. The community offers all two-story building with unique floor plans such as loft and townhouse style units.
Approximately two miles from the Reserve is the Altamonte Mall and the master planned waterfront development – Uptown Altamonte. Home to high-end condos and retail, Uptown Altamonte features a beautiful 37 acre lakeside park with lighted boardwalks and covered pavilions, various ornamental plants, huge shade trees, park benches, a floating stage and a 900 seat amphitheater.
M/PF Torto Wheaton Research projects that the Altamonte Springs submarket will “outperform” the Orlando MSA in terms of occupancy and rent gains over the next two years. With no new unit deliveries in this submarket in 2010 and 2011, this infill property should realize impressive rental income gains moving forward and will be an excellent exit upon market rebound.
Investment Highlights:
-Condos sold in 2007 at prices above $225,000
-Less than 5 miles to Maitland Center Office Park –the hub for about 20% of Orlando Office Market
-Located in desirable Altamonte Springs which is one of the strongest rental submarkets in Orlando
-New roofs of every building
-Less than 2 miles from Altamonte Mall featuring Macy’s, Dillard’s, AMC Movie Theater, Seasons 52 Steakhouse and more
-Near Florida Hospital Altamonte
Amenities
- Swimming Pool/Hot Tub
- Clubhouse
- Car Care Area
- Fitness Center
- 1, 2 and 3-Bedroom plans!
- Laundry Facility
- Picnic/BBQ area
- Centrally located near to all Orlando destinations.
The Residences
- Ceramic tile in kitchen, bath and entries
- Fully-equipped kitchens
- Updated countertops
- Raised-panel cabinetry
- Full-size washers and dryers
- Screened patios and balconies
- Spacious walk-in closets
- Roman tubs
- Ceiling fans
HISTORY OF STRONG UNIT PRICING UP TO $240,000 PER UNIT
The Reserve enjoyed robust condo sales in 2007 at pricing up to $240,000 per unit. The remaining 10 units are now being offered at well below replacement cost. With an “A” location, strong demographics, the Reserve has strong potential to sell at condo premiums again when the market improves.
ASSIGNED TO EXCELLENT PUBLIC SCHOOLS
The Reserve is assigned to excellent public schools –Spring Lake Elementary (Rated “A”), Teague Middle School (Rated “A”), and Lake Brantley High School (Rated “B”). With strong schools and spacious floor plans, Reserve has a strong advantage over properties in less desirable submarkets.
ORLANDO RENTS ARE PROJECTED TO GROW FROM $815 TO $923 BY 2014
MP/F Torto Wheaton Research predicts that multi-housing rents in Orlando will increase from $815 to $923 over the next five years. That same report suggests that average occupancy will reach 94%+ by 2012. With assets like The Reserve selling for well below replacement cost, investors are likely to see significant returns in the future as the market continues to improve.
