Florida apartments renovated, sold

Asset fetches more than $62K per unit

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A joint venture between The Praedium Group LLC and Affirmative Equities Company L.P. has sold a 552-unit apartment property in Orlando, Fla., after adding recent upgrades. The owners sold the Fountains at Lake Orlando community for $34.3 million to an unidentified buyer. Completed in 1986, the garden-style property is located in the Rosemont section of northwest Orlando. Praedium and Affirmative Equities originally acquired the property in December 2004. Since that time, the partnership executed a $3.2 million renovation at the property, which included a new metal railing system, new siding, W/D hookups added to select units, and new stainless-steel appliance installations and bathroom fixture upgrades. ...