Exclusive: Greystar Cashes In $70M for Florida Community
This is the first time the property has traded.
Greystar has sold The Ridge at Champions, a 330-unit multifamily property in Davenport, Fla., halfway between Orlando and Tampa, according to Yardi Matrix information. Katz Properties acquired the asset.
The buyer paid $70 million for the 11-building community, Alachua County public records show. Additionally, the firm took out a $38.5 million acquisition loan from United of Omaha Life Insurance Co.
Located at 1311 Elan Drive on 19 acres, the three-story property is close to Interstate 4 and 28 miles from downtown Orlando, while the city’s international airport is 27 miles northeast. Downtown Tampa is 58 miles away.
Greystar completed the multifamily development in 2023 using funds from a $42.7 million construction loan originated by SouthState Bank in October 2021, Yardi Matrix shows. The unit mix consists of one-, two- and three-bedroom floorplans, varying from 798 to 1,245 square feet. Select layouts have private balconies or patios.
Common-area amenities include a fitness center with cardio studio, outdoor lounge and kitchen with grilling stations, swimming pool with sundeck and a clubhouse with lounge and business center. The property also has EV charging stations.
Greystar’s recent multifamily deals
Greystar is present in 171 U.S. markets and has more than 823,580 units and beds under management. Additionally, the company’s portfolio consists of $29 billion of equity under management.
In October, the company acquired a 988-unit portfolio across Colorado and North Carolina using funds from loans originated by PGIM through Fannie Mae and Freddie Mac. Blackstone sold the three properties for $218.7 million. During the same month, Greystar traded Axis at the Park, a 348-unit luxury community in Charlotte, N.C., for $68 million. Sherman Residential acquired the 2024-completed property.
