Luxury Orlando Apartment Community Changes Owners, Name
By Georgiana Mihaila, Associate Editor
Leading national apartment investment and management company Bell Partners Inc. recently acquired the award-winning Landmarking at Universal Apartments in Orlando, Fla. for an undisclosed amount. The transaction, which closed on May 15, also brought a new name for the 310-unit luxury community, with the new owners renaming it Bell at Universal.
The acquisition brings Bell Partners’ multifamily investment mark up to $150 million.
Joe Cannon, vice president of Bell Partners, said: “Bell at Universal is an upscale community which is uniquely positioned within the Orlando market, and we are pleased to acquire this highly desirable property. As a key acquisition in one of our select target markets, Bell at Universal is an excellent strategic addition to our central Florida portfolio.”
Bell at Universal, winner of the 2012 Aurora Award for Architectural Excellence, is a 310-unit garden-style community offering one- and two-bedroom homes with available den options. Its location places it just steps away from Universal Studios Orlando and 15 minutes from downtown, making it accessible from South Kirkman Rd., Florida’s Turnpike and I-4.
The community’s luxury amenities include a resort-like swimming pool, clubhouse, cabana with a fireplace, fitness center, theatre room, and internet café. The community is located in close proximity to retail destinations, entertainment venues and employment centers.
Marcus & Millichap’s latest Orlando market report reveals that multifamily transaction velocity remained practically unchanged over the past 12 months, but the number of deals was one of the highest recorded since before the recession.
During the past year, the number of properties selling for more than $10 million has modestly increased, while deals from $1 to $10 million have declined. Buyers are motivated to purchase metro Orlando properties as the job market keeps strengthening and property operations seem to be improving.
Chart courtesy of Marcus & Millichap
Image via Bell Apartment LivingTags: luxury, multi-family, Orlando