Exclusive: Hamilton Point Buys Central Florida Asset for $57M
The property previously traded for nearly $29 million more.
Hamilton Point Investments has acquired Verso Luxury, a 250-unit community in Davenport, Fla., according to Yardi Matrix information. ECI Group sold the property for $57 million.
The buyer financed the purchase with a $40.5 million loan issued by Citibank. The note is due to mature in 2031.
The transaction represents a 33 percent discount from the property’s 2022 sale price. Back then, ECI Group paid $85.5 million for the Class A asset.
HPI has been actively pursuing Southeast properties in recent months. Earlier this week, the firm acquired a 294-unit community in Charlotte, N.C., at a 29 percent premium to its previous sale price.
Verso Luxury, up close
Verso Luxury came online on 20 acres at 6100 Echelon Way. Located near Interstate 4, which links Tampa, Fla., and Orlando, Fla., the property is in an area with multiple green spaces and golf courses, as well as retail options.
The 2020-completed community includes 21 buildings rising two stories with private patios or private yards. The unit mix comprises one- to three-bedroom floorplans ranging from 757 to 1,477 square feet. Apartments feature 9 and 10-foot ceiling heights, plank flooring, washers and dryers, walk-in closets and kitchens with stainless-steel appliances.
Common-area amenities include a swimming pool, private cabanas, a spa center, a clubroom, a business center, a fitness center, an outdoor kitchen with grilling stations, a fire pit, a playground area and 340 parking spots.
Davenport’s growth draws multifamily capital
Davenport is a growing residential hub within the larger Central Florida area, part of the Lakeland-Winter Haven metropolitan area. The city benefits from a strong tourism base due to its strategic location near Orlando, Fla.’s theme parks, while the broader Polk County draws its employment growth from a range of industries, including retail, health-care, logistics, distribution, research and business services.
Recent multifamily transaction activity highlights Davenport’s investment appeal. Earlier this year, Katz Properties paid $70 million for the 330-unit Ridge at Champions. Greystar sold the asset that it had completed in 2023.
