High-End Orlando Community Trades for $66M

RK Properties purchased the 296-unit property from Catalyst Development Partners and The Carlyle Group.

CODA Apartments. Image courtesy of NKF

RK Properties has expanded its portfolio in the Southeast by snapping up CODA Apartments, a new 296-unit community in Orlando, Fla., for $66 million. Catalyst Development Partners and The Carlyle Group sold the Class A, garden-style property on the eastern side of the city, neighboring Central Florida Research Park and the University of Central Florida.

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Located at 13645 E. Colonial Drive, the four-story building was completed in 2019. Catalyst broke ground on the 256,000-square-foot project in the fall of 2017. The sale to RK Properties was subject to a $35.1 million loan held by Fannie Mae, according to Yardi Matrix. A Newmark Knight Frank Multifamily team of Scott Ramey, Erik Bjornson and Patrick Dufour represented the sellers in the transaction.

CODA contains a mix of studio, one- and two-bedroom units with an average size of 897 square feet. Amenities of the one-building property include a clubhouse, a separate fitness center, a pool and sundeck and four courtyards as well as a fenced-in dog park. Yardi Matrix shows that the property is roughly 94 percent occupied.

The community is located less than a quarter of a mile from State Route 408 and within walking distance to the new AdventHealth Waterford Lakes ER Facility, with a Publix supermarket and the Waterford Lakes Town Center nearby.

Deals continue

The impact of the novel coronavirus has battered metro Orlando’s multifamily market this year, but investors and developers remain active. American Landmark’s Electra America affiliate, for instance, recently picked up Onyx Winter Park, a 336-unit community in Casselberry, north of downtown Orlando, for $51.5 million. Prior to that, American Landmark broke ground on its first new-building community in partnership with Dezer Development, a $78 million luxury property in Orlando, Fla., called Deseo Grande.

Long Beach, Calif.-based Rance King (RK) Properties has a multifamily portfolio across several states in the West and Southeast with a market value of more than $1 billion. The company acquired a 200-unit, mid-rise apartment community in Morrisville, N.C., in July of last year.

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