February 5, 2026 – In March 2014, CenterSquare acquired Heritage Estates, a fractured 272-unit Class A condominium property in the East Orange/University of Central Florida submarket of Orlando, FL, on behalf of a large corporate separate account client. CenterSquare’s original investment thesis contemplated purchasing the asset at an attractive basis relative to replacement cost and comps, purchasing back individually owned condominium units as they become available, renovating unit interiors to a modern finish, and selling the property as a Class-A multifamily community that would attract institutional capital.
The property features low-density construction, spacious units, and luxury amenities. The property’s location offers its residents convenient access to key demand drivers and employment centers, including the Orlando CBD, University of Central Florida, Central Florida Research Park, and the Orlando International Airport.
CenterSquare’s sale decision was driven by the submarket’s insulation from broader market supply, lack of competitive multifamily product for sale in the market, and the ability to sell a light value-add business plan to market participants. The property was sold at a 94% trailing 12-month occupancy, demonstrating the property’s stability and desirability among tenants amidst elevated vacancy and concessions in the broader market.
“This disposition demonstrates CenterSquare’s diligent sales discipline and ability to maximize investment performance through its proprietary internal hold-sell analysis,” said Chris Picyk, Senior Vice President of Private Real Estate. “As an active market participant, we understand how difficult it is to buy high-quality, well-located value-add multifamily investment opportunities. As expected, the marketing process was extremely competitive, which resulted in a strong outcome for our client.”
