ContraVest Sells Orlando Property for $85M
The deal included approximately 1 acre of undeveloped land available for office, retail or restaurant development.
The Addison at Clermont. Image courtesy of JBM Institutional Multifamily Advisors
ContraVest has sold its garden-style community located in the Orlando area suburb of Clermont, Fla. The Class A multifamily property, The Addison at Clermont, was acquired by Cottonwood Residential for $85 million, according to Yardi Matrix data.
JBM Institutional Multifamily Advisors brokered the deal, which included two undeveloped spaces on approximately 1 acre of land available for office, retail or restaurant development. The community is currently 96 percent occupied, according to the same data.
The Addison at Clermont was built in 2020 on some 19.3 acres. The community features 230 units across 15 buildings. Apartments consist of one-, two- and three-bedroom layouts with an average size of 1,111 square feet.
The asset is NGBS Green Certified. Community amenities include a pool, cabanas, a fitness center, a fire pit, a game and media room, a dog park and a car care center. Select units feature an attached garage and 13-foot ceilings.
Located at 1700 Hooks St., The Addison at Clermont is a 25-minute drive from downtown Orlando. Within 3 miles are two Publix Super Markets and within 1 mile is the AdventHealth Clermont ER. The Orlando Health South Lake Hospital is 1.5 miles away.
Orlando retaining its popularity
Investment activity in the Orlando area remained high in the first five months of this year with $2.5 billion in multifamily development trading. The Clermont suburb is on an upward trend as well, growing in population by more than 48 percent since 2010 with high anticipate job growth.
Other current deals in the area include the $129 million sale of Legacy Universal, a fully occupied 350-unit Orlando community. The Baldwin, another Orlando development, also recently traded hands for $87.3 million after construction completed in August.
