Avesta Sells Orlando Apartments for $46M
The Canadian Imperial Bank of Commerce provided McKinley Properties, the 348-unit community’s buyer, with a $58 million acquisition and development loan.
Avesta Communities has sold Avesta Winter Park, a 348-unit Class B multifamily asset near Orlando, Fla., for $45.5 million, according to Yardi Matrix. The buyer, McKinley Properties, funded the acquisition with a $58 million acquisition and development loan.
The lender, the Canadian Imperial Bank of Commerce, recently provided almost $50 million to Goldman Sachs for its acquisition of a 321-unit community in Nashville, Tenn.
Located at 1743 Semoran N. Circle in the city of Winter Park, the garden-style community’s 25 two-story buildings are situated near a retail hub at the corner of Howell Branch Road and Florida Route 436. A bus route, operated by the metro’s LYNX network, connects the property to downtown Orlando, approximately 10 miles to the southwest. The nearby San Jose Apartments, a 121-unit affordable asset situated a five-minute walk to the south, changed hands in December for more than $6 million.
The community’s apartments, a mix of one-, two- and three-bedroom units, range between 782 and 1,357 square feet. Avesta Winter Park’s amenities include a tennis court, a swimming pool, a playground and several laundry facilities. As of November 2018, the asset was 95.1 percent occupied, per data from Yardi Matrix.
Image courtesy of Yardi Matrix