Atlas Buys Orlando Luxury Community
The asset previously traded in 2021 for $108 million.
Atlas Real Estate Partners has acquired Perse Apartments, a 384-unit luxury community in Orlando, Fla. Trion Properties sold the asset after four years of ownership, Yardi Matrix information shows. JLL Capital Markets worked on behalf of the seller in the transaction, while Berkadia procured financing.
Trion Properties purchased the property from Fifteen Group for $107.8 million, or approximately $280,600 per unit, the same data provider shows. Pacific Coast Capital Partners issued a $68 million acquisition loan for that transaction.
Perse Apartments came online in 2008 at 8151 Patterson Woods Drive. The property features 17 three-story buildings across a 21-acre site. Units have one-, two- and three-bedroom layouts ranging from 772 to 1,312 square feet.
Shared amenities include a resort-style pool with sundeck and cabanas, fitness center and a clubhouse. The new ownership plans capital improvements on these community features, as well as renovations to other common areas and unit interiors.
The asset is just off International Drive, near the intersection between Interstate 4 and Florida State Road 535. The community is close to several shopping malls positioned along the interstate, as well as to some of the largest employment hubs in the region, such as the Orlando Central Business District, Walt Disney World, Universal Studios and Vineland Premium Outlets.
JLL Capital Markets Directors Ted Taylor and Kyle Butler led the Investment Sales and Advisory team that represented the seller. Berkadia Managing Directors Scott Wadler, Matt Robbin and Brad Williamson, together with Senior Managing Director Mitch Sinberg arranged the financing for the acquisition.
Highs and lows for Orlando’s multifamily sector
In the first six months of the year, Orlando saw $789 million in multifamily investment sales, according to Yardi Matrix data. A total of 16 assets changed hands with an average per-unit price of $249,164. The metro had registered only $585 million in investments during the same interval last year, for the same amount of sold properties.
After record-high deliveries, Orlando continues to experience negative rent growth, clocking in at -1.2 percent at the end of June, alongside other Sun Belt metros such as Austin (-4.7 percent), Denver (-3.9 percent), Phoenix (-2.6 percent) and Dallas (-1.2 percent), a recent Yardi Matrix multifamily report shows. Completions accounted for 5.6 percent of the total stock, in line with a third of the 30 top metros, which recorded figures over 4.0 percent.
