Exclusive: Camden Pays $66M for Orlando Asset
The property came online in 2018.
Camden Property Trust has paid $65.9 million for Solaya, a 322-unit multifamily property in Orlando, Fla., according to Yardi Matrix information. Following the purchase, the company rebranded the asset as Camden Lake Buena Vista.
Bainbridge Cos., the previous owner, sold the asset for about $204,745 per unit, the same data provider shows. The firm completed the community in 2018 using funds from a $32.9 million construction-to-permanent loan from PNC Bank.
Orlando’s multifamily transaction activity year-to-date as of November clocked in at $2.1 billion from the 41 assets that changed hands, according to Yardi Matrix data. This figure was 35 percent higher than the roughly $1.6 billion registered during the same period of last year, when 35 properties were sold.
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Located at 11833 Westwood Blvd., the garden-style property is close to several retail and dining options, as well as 13 miles from Orlando International Airport. Downtown Orlando is roughly 16 miles to the northeast.
Camden Lake Buena Vista consists of eight four-story residential buildings sitting on more than 16 acres. The unit mix comprises one-, two- and three-bedroom floorplans ranging from 713 to 1,375 square feet. Apartments also have sunrooms and private balconies or patios.
Common-area amenities include a fitness center, a swimming pool, playground, clubhouse and business center, as well as 450 parking spaces. Additionally, the community features an outdoor summer kitchen with barbecue grills, a yoga and spin studio, a sundeck lounge and lakeside cabanas.
Camden’s recent multifamily deals
As of November, Camden Property Trust’s multifamily portfolio comprised 171 properties totaling more than 58,430 units, according to its website. This year, the firm transacted 12 assets, Yardi Matrix data shows.
In November, Camden sold Marquis Enclave, a 647-unit Houston property, to CWS Capital Partners. The firm disposed of the asset after completing it over two construction phases in 2006 and 2013.
A few days earlier, the company sold Camden Copper Square Apartments, a 332-unit community in Phoenix, for $77 million. ColRich acquired the property in a deal brokered by CBRE.
