Goldman Sachs Drops $94M in Orlando
This 270-unit property came online last year.
Goldman Sachs has paid $94 million for Addison Square, a 270-unit, Class A multifamily property in Viera, Fla., according to Yardi Matrix. This amounted to $348,148 per unit.
The seller is PAC Land Development, which completed the property last year using funds from a $49.1 million loan originated by Synovus Bank.
Goldman Sachs’ multifamily portfolio consists of 41 properties nationally, encompassing 10,783 units, Yardi Matrix data shows. In Florida, the company owns two more communities: 5 Thousand Town by ARIUM in Jacksonville and the 16-story Nine15 in Tampa, which has 362 apartments.
Addison Square comprises nine two-, three- and four-story buildings across 14 acres at 7578 Highsmith Road. The property includes one- to three-bedroom units with a 1,116-square-foot average size. Apartments include balconies and walk-in closets.
Located within Orlando’s Melbourne submarket, the community is close to Interstate 95, in an area with multiple retail options. Melbourne Orlando International Airport is 15 miles away while downtown Orlando is some 60 miles away.
The amenity package at the pet-friendly property includes a saltwater swimming pool with spa tub, fitness center, theater room, clubhouse and social lounge area, conference room with private offices, as well as a children’s playroom and a gaming room with indoor golf simulator and a bowling alley. Additionally, Addison Square has a sundeck, pizza ovens, private cabanas and a barbecue area, an indoor basketball court, EV charging stations and storage units.
More Orlando acquisitions
Recent investments in metro Orlando include Cantor Fitzgerald’s nearly $108 million purchase of a two-property portfolio in a deal that closed in August. The communities are adjacent to each other and total 539 units.
Also last month, Independence Realty Trust paid $86.5 million for M2 at Millenia, a 403-unit community, while also assuming a $59.5 million CMBS loan. A joint venture between BLD Group and JBS Capital Group sold the asset.
Year-to-date as of July, the metro saw 29 communities—7,751 units—trading for $1.5 billion, Yardi Matrix data shows. This figure is considerably higher than the 24 assets—5,986 apartments—that changed hands for $942.5 million during the same period of last year. The average price per unit rose year-over-year from $208,019 to $240,463.
