By Dees Stribling, Contributing Editor
Orlando, Fla.—Bell Partners has bought Landmark at Universal for $48.26 million—or about $155,600 per unit—from Epoch Properties Inc. The property is a 310-unit garden-style apartment community adjacent to the Universal Studios theme park, and was a 2012 Aurora award winner for architectural excellence. The new owners are changing the name to Bell at Universal.
Built in 2011, Bell at Universal is situated on a 12-acre site and includes 10 three-story apartment buildings and a two-story carriage-style building. It features a clubhouse, 24-hour fitness center, resort-style pool and spa and business center. The property also sports a clubroom with bar area and outdoor barbeque grilling area.
Greater Orlando has attracted a great deal of investor interest in recent years. According to investment company Marcus & Millichap, encouraged by a strengthening job market and improving apartment fundamentals, buyers remain highly motivated to purchase assets in the metro area. At over $155,000 per unit, Landmark at Universal fetched well above the $46,100 per unit average in the market, and even above the $80,000 per unit average for institutional-grade assets.
Epoch Properties has developed of over 32,000 multifamily units in over 55 cities since its founding more than 40 years ago. Jones Lang LaSalle’s Jubeen Vaghefi, Jeff Morris, and Denny St. Romain represented Epoch in the transaction.
Bell Partners is an apartment investment specialist, putting capital in the sector on behalf of high- net-worth individuals and institutional investors. Through its Bell Apartment Living division, the company is the 10th largest apartment operator in the United States, according to the National Multi-Housing Council.