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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