Eagle Property Capital Acquires One Orlando Property, Refinances Another

Eagle Property Capital, a private equity real estate firm based in Miami, has obtained more than $100 million for the acquisition of one multifamily property in greater Orlando, and the refinancing of another in the same metro. The seller in the case of the acquisition was the Los Angeles County Employees Retirement Association.

Fannie Mae provided a $65.6 million fixed-rate, seven-year loan with full-term interest only for the acquisition of the 332-unit Retreat at Windermere.

The Retreat at Windermere is located at 5820 Nature View Dr., offering one-, two- and three-bedroom units. The community is in the town of Windermere, which is in the Orlando metropolitan area.

Unit amenities include hardwood floors, high ceilings and a washer/dryer in all units. Common amenities include a pool with poolside grills and a firepit, a yoga studio, fitness trails and nearly 500 grade-level parking spaces.

The property has seen rental growth in recent years, from an average of $1,726 in 2020 to an average of $2,126 in 2024, Yardi Matrix data shows. It is 97 percent occupied.

The Fannie Mae GSE also provided a five-year, fixed-rate loan with full-term interest only for the refinancing of the 310-unit Sunset Place, replacing a $35 million variable rate Fannie Mae CMBS loan originated in 2021.

Last year, Fannie Mae provided a total of $52.9 billion in multifamily financing of one kind or another. The GSE is on track to finance less than that this year, with only $32.5 billion financed as of September.

Sunset Place, located at 5953 Curry Ford Rd., in the city of Orlando, offers studio, one-, two- and three-bedroom units. Townhomes include a variety of interior amenities, such as washer/dryers in some units and connections in all of them, high ceilings in some units, and fully equipped kitchens. 

Common amenities include three swimming pools with sundecks and cabanas, a multipurpose sports court, an outdoor kitchen with seating, a fitness center and an on-site dog park. There are nearly 400 parking spaces.

The property, which dates from 1973, is 94 percent occupied, according to Yardi Matrix data.

Berkadia Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Matthew Robbins and Scott Wadler, and Vice President of Originations Abigail Beauchamp facilitated the financing for both properties.

Orlando rents barely budge

As of July, Orlando’s multifamily market saw occupancies edge down 80 basis points year-over-year to 94.1 percent, while asking rents eked out an annual gain of 0.3 percent to $1,789, mirroring national trends, Yardi Matrix reports.

Development is still quite robust, with a total of 4,917 units, or 1.8 percent of existing stock, coming online this year through May. That doubles the national pace of completions, notes Yardi Matrix. Construction starts have declined since the beginning of this year, however.

Employment is still expanding in greater Orlando. The region’s employment base expanded by 2.4 percent in the 12 months ending in March, with the addition of a net of 32,300 jobs. The metro’s growth rate was 100 basis points above the national average.