IRT Drops $87M for Orlando Community
The buyer also assumed a CMBS loan.
Independence Realty Trust Inc. has purchased M2 at Millenia, a 403-unit Class A multifamily property in Orlando, Fla. The buyer paid $86.5 million for the property while also assuming a $59.5 million CMBS loan originated by U.S. Bank in 2023, according to Orange County public records.
The seller is a joint venture between BLD Group and JBS Capital Group. JLL Directors Ted Taylor and Kyle Butler negotiated on behalf of the partnership.
Completed in 2019, M2 at Millenia is at 4206 Eastgate Drive, in one of Orlando’s largest retail areas, allowing easy access to multiple restaurants, shopping and entertainment destinations. Spanning 7 acres, the multifamily property is 7 miles from Orlando’s central business district, while the city’s International Airport is 14 miles away.
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The unit mix includes one- to three-bedroom floorplans averaging 943 square feet. Apartments feature in-unit washers and dryers, walk-in closets and patios or balconies.
The property’s amenity package comprises a fitness center, yoga studio, swimming pool, common-area lounge with kitchen, as well as a bar and grilling spaces, a clubhouse, a business center with conference room and 705 parking spots. Additionally, M2 at Millenia also includes an outdoor courtyard with dining spaces and 4,216 square feet of ground-floor retail space fully occupied by four tenants.
Recent deals in a relatively pricy metro
Orlando’s multifamily investment volume reached $618 million during the first five months of the year, according to a Yardi Matrix report. Assets traded for $249,842 per unit on average, significantly higher than the U.S. threshold and the value registered in the metro during the same period of last year.
Recent transactions include Knightvest Capital’s purchase of a 332-unit property in Sanford, Fla. Dubbed Cortland Vera Sanford, the asset marked the ninth investment for the company’s Knightvest’s Fund II.
In July, Atlas Real Estate Partners picked up Perse Apartments, a 384-unit luxury community. Trion Properties sold the property after four years of ownership. During the same month, Wood Partners sold a 297-unit multifamily community for $90 million to Bonaventure Senior Living.
