The Opportunity

IPA is pleased to present Westlake Apartment Homes, a 379-unit rental community with 9’ and 10’ ceilings and strong value add upside in the affluent Lake Mary/Sanford area of the Orlando MSA. Built in 2000, this institutionally-owned asset boasts 72K jobs within a 5-mile radius and is just 1-mile from the Lake Mary/Heathrow Office Park, home to the highest suburban concentration of Class “A” office space in Orlando (7.7+MM SF) and top white-collar jobs at major employers like Deloitte, Verizon Financial, AAA, Merrill-Lynch, and JP Morgan Chase. With newer and fully renovated units in the comp set achieving premiums of $300+/month, new ownership has the stellar opportunity to realize strong revenue growth through modest renovations in this high-demand submarket. 

Key Investment Highlights

Institutionally Owned Asset Available Below Replacement Cost

9' and 10’ ceilings

Larger average unit sizes (±1,018 SF)

87 attached garages

Scenic water views

Outstanding amenity footprint

Two pools, covered outdoor lounge, and fire pit

Meaningful Value-Add Upside

Tremendous potential from unit interior enhancements
~74% of units have ROI upside remaining

New Vintage / Renovated units in the Comp Set are achieving $300/ mo. + premiums

Recently upgraded units have additional upside opportunities

Orlando is Shining Bright

#1 large U.S. metro for jobs gains, adding 37,500 jobs in 2024 - FL Dept. of Commerce, May 2025

#1 fastest-growing large U.S. region, adding 76,000 new residents Y-o-Y Jul-24 -U.S. Census Bureau

#1 ranked Meeting Destination in North America for 10th year - Cvent, Jun 2025

4.0% Forecast multifamily rent growth over next year -RealPage, 1Q25

3.3% unemployment rate in April, far below overall U.S. rate of 4.2% - U.S. BLS

Location Map

IPA Team

Shelton Granade

Shelton Granade

Executive Managing Director Investments
License #: SL3042246
Ofc: +1 (407) 557-3870
Cell: +1 (407) 616-2187
Luke Wickham

Luke Wickham

Senior Managing Director
License #: SL3170987
Ofc: +1 (407) 557-3871
Cell: +1 (407) 460-4603
Justin Basquill

Justin Basquill

Managing Director Investments
License #: SL3028792
Ofc: +1 (407) 557-3872
Cell: +1 (407) 754-8014
Sean Williams

Sean Williams

Managing Director Investments
License #: SL3054109
Ofc: +1 (813) 387-4734
Cell: +1 (813) 453-3877
Erik Bjornson

Erik Bjornson

Senior Managing Director
License #: SL3196898
Ofc: +1 (904) 672-1429
Cell: +1 (904) 699-7582
Tyler Nilsson

Tyler Nilsson

Senior Managing Director
License #: SL3299428
Ofc: +1 (904) 672-1427
Cell: +1 (904) 477-8929
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