Insula Companies Acquires Multifamily Property in Central Florida for $49 Million
SARASOTA, Fla., July 10, 2018 (GLOBE NEWSWIRE) -- Insula Companies, a Sarasota-based firm specializing in apartment community acquisition and revitalization on behalf of investors, today announces its purchase of Arrow Ridge, a 320-unit apartment complex in Kissimmee, Florida. The $49 million property sale closed July 2.
“We are excited to acquire another quality rental community in Central Florida that is in need of a full renovation,” said Fred Cochran, managing partner at Insula Companies. “With land and construction costs high and a tight labor market, affordable workforce housing cannot be built new, so renovating and upgrading existing communities is critical to a healthy housing market.”
The firm plans to begin its $2.6 million renovation of the 98-percent-occupied complex, also changing the name from Arrow Ridge Apartments to Ridge @ 4100. The revamping will include the building exterior, property amenities and unit upgrades. These renovations will further separate the complex from others in the area, since it is one of only a few that offers four-bedroom, three-bathroom units.
“This renovation is set to improve the quality of life for all current and future residents, along with bringing a sense of positive transformation to the Kissimmee area at large,” said Jeff Talbot, principal at Insula Companies. “Multifamily communities are diverse in needs, wants and interests – so, we are looking forward to improving living conditions and giving residents a space they can happily call home.”
Insula Companies, founded in 2009, is committed to enriching lives by transforming communities. The firm operates 17 communities, including two others located within a five-mile radius of the newly purchased complex. For more information about Insula Companies, please visit www.InsulaCompanies.com.
About Insula Companies Since 2009, Insula Companies have recognized the potential for apartment community acquisition and revitalization and provided investors with a portfolio of approximately 3,500 units and $370 million 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, visit InsulaCompanies.com or call 941.960.7000.
Daniel TummeleyUproar PR for Insula Companies email@example.com