A fund sponsored by CBRE Global Investors has acquired a pair of multifamily communities totaling 604 units in Orlando, Fla. The seller of the recently completed properties, located about 4 miles apart, was Unicorp National Developments.
The fund picked up Zen Luxury Living, a 258-unit property that was completed in 2017, for $68 million, according to Yardi Matrix. The investment vehicle also purchased Venetian Isle, a 346-unit property delivered in 2018, for an undisclosed price.
Located at 9835 Namaste Loop, Zen includes five garden-style buildings rising three stories and three carriage houses. The community’s apartment units range in size from one to three bedrooms. A unique zen-themed clubhouse is equipped with a sauna, steam room, full-service spa and meditation pond. Other amenities include a pool, jacuzzi and fitness center.
Venetian Isle is sited at 6506 San Francesco Way in Windermere, part of the Orlando metro area, and includes 12 three-story garden-style apartment buildings, seven carriage homes and nine townhomes. The one-, two- and three-bedroom units feature high-end finishes and the community offers two clubhouses with a range of amenities including a pool. The property is adjacent to the retail plazas Westside Shoppes and Lakeside Village Center.
The communities, which were each 95 percent occupied when the deal closed, are located a roughly 30-minute drive from Downtown Orlando. The transaction comes after a CBRE Global Investors fund in January acquired Shorecrest Club Apartments, a 467-unit community at the entrance of Miami’s Upper East Side and MiMo District.