Description

Completed in 2013, Casa Mirella (“the Property”) is a premier multifamily asset situated in Windermere, Florida — Orlando MSA’s most coveted and supply-constrained submarket. At 276 units, Casa Mirella features spacious floorplans averaging 1,388 SF, large screened-in balconies, oversized kitchen islands, stainless steel appliances, and backlit mirrors. The Property also includes a lakefront walking trail, a zero-entry pool, dog park, fitness center, and 70 detached garages. Given the coveted location and high-end construction, Casa Mirella is primed for a full renovation of the classic interiors and updates to the amenity package to raise the community in-line with newer construction in the area.

Casa Mirella occupies a premier position within Windermere’s highly constrained multifamily landscape, which contains just eight apartment communities with an average year built of 2012. Only one property is currently in lease-up within three miles (Regency at Ocoee), and zero units are under construction - a reflection of the land scarcity that has shifted new development west to Horizon West along SR-429. The Property benefits from immediate proximity to Orlando Health’s Health Central Hospital (5 minutes), providing direct access to a major healthcare employment hub, while the Sand Lake Road Class A office corridor is within minutes, placing residents at the center of Central Florida’s primary professional employment base.

Casa Mirella is the only multifamily property in the competitive set zoned for Lake Whitney Elementary (A-rated for 11 consecutive years), paired with Sunridge Middle School and West Orange High School to form an all A-rated public school corridor—a rare trifecta that meaningfully differentiates the Property from competing assets in the submarket. The immediate one-mile trade area boasts an average household income of $163,953 and a median home sale price of $1,049,372.

The current owner has spent almost $4M in capital to cure all deferred maintenance at the property, including a brand new barrel tile roof. However, all 276 units are in classic condition (except for the addition of vinyl flooring), presenting a true restore-to-core opportunity. The interior renovation program and proposed amenity repositioning will generate value-add premiums of up to $250 based on nearby renovated and new construction assets. With zero units under construction within a 3-mile radius and Axio projecting rent growth accelerating to 3.10%–3.90% from 2029–2031, Casa Mirella is positioned as one of the premier multifamily investment opportunities in the Orlando MSA.

...