Reserve at Lake Irene
Lake Irene is a 384-unit, Class B+ multifamily property located in Cassleberry, a part of the Orlando MSA. Reserve at Lake Irene was sold in 2021.
Property Specs
PROPERTY NAME
Reserve at Lake Irene
PROPERTY STYLE
Multifamily
PROPERTY AGE
1988
NO. OF UNITS
384
LOCATION
Orlando, FL
ACQUISITION DATE
2017
TOTAL TRANSACTION SIZE
$47.2M
SPOKE INVESTOR EQUITY
$8.9M
We acquired The Reserve at Lake Irene in an off-market transaction alongside our joint-venture partner whose key principals have operated in the Orlando market for more than 20 years. Orlando continues to represent one of the fastest growing cities in terms of population, job, and economic growth.
The Reserve at Lake Irene’s repositioning to a Class B+ asset (from B) involved site improvements and “light” interior renovations, which were directed towards enhancing its tenant’s living experience. The acquisition of The Reserve at Lake Irene is consistent with Spoke’s strategy to partner with best-in-class operators who target investments located in geographic areas that exhibit strong population and economic growth.
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