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Ecoventures Wraps Year’s 2nd-Biggest Apartment Buy

23 Jan 2015, 6:38 pm

By Balazs Szekely, Associate Editor

In Greater Orlando’s second-biggest apartment sale of 2014, Ecoventures Capital Fund L.L.C. has acquired Sun Lake Apartment Homes in Lake Mary for $66.3 million.  CBRE Group Inc.’s capital markets team, which represented Harbor Group, announced the deal on Jan 21.

The seller, an affiliate of Harbor Group International, had owned the gated lakefront community since 2012. At closing, the 600-unit complex was 96 percent occupied.

Located at 420 Sun Lake Circle, the complex is across the street from Northpoint Office Park and a few minutes from major employment centers like the Primera and Lake Mary Heathrow Office Parks. Completed in 1988, the community has undergone $10 million worth of capital upgrades in recent years.

The Sun Lake property includes 26 two- and three-story buildings residential buildings, two swimming pools and a clubhouse with fitness and business centers. Six floor plans are available; the largest units offer three bedrooms and two baths. Apartments feature energy-efficient GE appliances, granite or formica countertops, cherry wood cabinets, track lighting and full-size washers and dryers. Fishing, kayaking and paddle boarding possibilities are available at the nearby lake.

The CBRE capital markets team representing Harbor Group included Executive Vice President Shelton D. Granade, Senior Vice President Luke S. Wickham and Sales Assistant Justin T. Basquill.

Photo credit: Sun Lake Apartments

Owens Realty Buys 2 Office Buildings in East Orlando

20 Jan 2015, 3:16 pm

By Balazs Szekely, Associate Editor

Two office buildings at Quadrangle Corporate Park in East Orlando are under new ownership. ORC Quadrangle L.L.C., an affiliate of Owens Realty Capital, acquired the properties from Wells Real Estate Fund XIII L.P. of Atlanta in a $13.6 million deal, or about $165 per square foot. The purchase represents Orlando-based Owens Realty’s second in the 157-acre Quadrangle Corporate Park.

Located at 3500 and 3626 Quadrangle Blvd., the buildings total 82,175 square feet in size and were completed in 2001. They are adjacent to the University of Central Florida and Central Florida Research Park. New hotels, restaurants and retail along University Boulevard are near the property, which is easily accessible from downtown Orlando and Orlando International Airport via state routes 408 and 417.

Both buildings are fully leased to three companies under long-term, triple-net leases. Siemens is the anchor tenant.ORC was represented by Palmer Vietor of Owens Realty Services. Ronald J. Rogg and Chip Wooten of CBRE Group Inc. represented the seller, and financing was arranged by Glenn Housman, a senior vice president with CBRE’s debt and structured finance group.

In late September, Owens Realty closed on 444 W. New England Ave and 362 S. Pennsylvania Ave. in Winter Park for $15 million, and paid $9.2 million for the Palladium building at 12124 High Tech Ave. about a year ago.

Photo credits: Owens Realty Services

Rosemont Apartment Complex Fetches $10.4 Million

12 Jan 2015, 4:43 pm

By Balazs Szekely, Associate Editor

FVP KP Waterstone L.L.C. has acquired Waterstone Apartments, a 208-unit community, for $10.4 million or $50,000 per unit, Franklin Street Real Estate Services announced recently.

Franklin Street arranged the deal between FVP KP Waterstone, a partnership based in Tampa and Miami and backed by equity from South America, and  a private seller based in California. Senior Director Kevin Kelleher, Investment Associate Zachary Ames and Managing Directors Darron Kattan and Robert Goldfinger involved. Agency financing was obtained as part of the sale.

Located at 5224 Long Road on a 16.3-acre plot in the Rosemont North submarket, Waterstone is part of a densely populated residential area minutes from Interstate 4, Altamonte Springs and downtown Orlando. Completed in 1991, the property offers a variety of two-, three-, and four-bedroom homes ranging from 1175 to 1677 square feet in size. Common amenities include a swimming pool, playground, car wash, activities area, grilling area, and a newly renovated fitness/health center.

According to Kattan, the seller had carried out an exterior renovation of the buildings and proceeded to interior updates as well. “The rent increase they were already achieving was significant and the buyer will do more exterior work and continue the interior renovations to stabilize the property at a much higher NOI than it had previously achieved,” he added in the statement.

Photo credits: Franklin Street Real Estate Services

Yet Unfinished, The Rialto Already Builds Tenant Base

22 Dec 2014, 7:44 pm

By Balazs Szekely, Associate Editor

Finishing touches are still underway at The Rialto, this however didn’tstop Wood Partners from putting the a 200-unit mixed-use apartment community on the market in October. The company already brought in 30 leases, according to a recent news release.

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. The company has been involved in the acquisition and development of more than 53,000 homes and its current portfolio comprises north of 75 properties with a combined total of 21,000+ units. Wood Residential Services, an in-house division will manage the property, construction of which is expected to be completed by year-end.

Located on a nearly 6-acre site at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando, The Rialto is just a quarter mile from Interstate 4 and within 10 minutes of major employment hubs like the Walt Disney World, Sea World, Universal Studios and the Orange County Convention Center. The community offers two- and three-bedroom rental units that average 1,056 square feet, and more than 17,000 square feet of retail space, all this in a five-story, urban-style building. The apartments feature ceramic flooring, nine-foot ceilings, stainless steel appliances and 42-inch cabinets with granite countertops. Residents will also have access to common amenities such as a clubhouse with a pool, mail kiosk and fitness center – some of which are currently under construction. Further features include 399 residential and 59 retail parking spaces.

Image source: therialtoapartments.com

Nickelodeon Suites Resort Orlando Sold

15 Dec 2014, 4:29 am

By Balazs Szekely, Associate Editor

In early December Urban Commons LLC purchased Nickelodeon Suites Resort Orlando hotel in Orlando, the Los Angeles-based buyer announced.

The real estate investment company is focused mainly on income generating hospitality and residential assets, targeting value-add property acquisitions in highly populated, predictable markets.  Its list of hospitality partners includes Starwood Hotels and Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group and Wyndham Worldwide.

The 777-room Nickelodeon Suites Resort Orlando hotel is located in the Lake Buena Vista area, on 24 acres directly adjacent to Walt Disney World and close to numerous popular destinations such as SeaWorld, Wet ‘n Wild, Universal Orlando, and the Orange County Convention Center. It is also easily accessible from the Orlando International Airport in about 20 minutes.

The hotel’s oversized, one- to three-bedroom suites average 500 square feet and each one features a flat screen TV and Wi-Fi internet connection. The property also has 85,000 square feet of recreational amenities to offer. These include two lagoons, called The Lagoon and The Oasis, with a number of interactive water features.  Nickelodeon Suites Resort is one of only five properties in Lake Buena Vista with a waterpark. The hotel was also recently upgraded with a meeting space of 4,000 square feet designed with birthday parties and social meetings in mind. “The Mall”, a 50,000 square-foot entertainment retail complex is also available on-sit, showcasing six food and beverage outlets, a 3,000 square-foot arcade,  a 4-D movie theater, a live action studio, a Kids’ Spa and two retail shops.

Image source: nickhotel.com


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