Cortland Partners Nabs Orlando Property for $59M
Situated in one of the city's fastest-growing submarkets, the 288-unit asset is LEED-certified and was recently rebranded.
By Alex Ciorogar
Developer Fore Property Co. has sold Lugano Apartments, a newly built, 288-unit community in Kissimmee, Fla., for $59 million. Cortland Partners acquired all five buildings and is currently managing the asset. According to Yardi Matrix, the property was 91 percent occupied at the time of the sale.
Located at 3021 Savosa Ave., the two-, three- and four-story asset comprises a total leasable area of 295,329 square feet, spread across a 17-acre site. With one-, two- and three-bedroom apartment units averaging 1,025 square feet, the LEED Silver certified community also features 10,000 square feet of amenities. Interior utilities include washers, dryers, microwave ovens and free Wi-Fi.
Common area amenities include:
- controlled access
- fitness center
- business center
- conditioned corridors
- swimming pool
- covered parking
- private balcony/patio
- 450 parking spaces
- carriage homes with attached garages
CBRE Vice President Shelton Granade, Senior Vice President Luke Wickham and Justin Basquill represented the seller. The transaction was also subject to a $38 million loan held by Freddie Mac and originated by Walker & Dunlop.
“The sale of Lugano reaffirms that South Orlando and Kissimmee are becoming highly coveted by investors,” said Granade in prepared remarks. “Lugano is in the epicenter of the tremendous growth taking place in the Hunters Creek/Kissimmee area. It is one of the metro’s fastest-growing submarkets and is seeing strong employment gains in the medical and tech fields.”
According to Yardi Matrix data, Cortland Partners renamed the property Cortland Hunter’s Creek. Completed in 2017, the property offers easy access to Centerview Boulevard, North John Young Parkway, West Osceola Parkway and U.S. Route 441.
In another recent deal, CBRE secured a $54 million permanent loan for Venetian Isle Apartments, a 346-unit multifamily community in Windermere, Fla., on behalf of Unicorp National Developments Inc.
Image courtesy of Yardi Matrix