Jefferson Apartment Group has sold Azul Baldwin Park, a multifamily community in Orlando, Fla., for $43.3 million. Avison Young’s Principal Peter Sherman and Senior Vice President Rosendo Caveiro represented the buyer, Palm Heights LLC. Walker & Dunlop represented the seller.
“The acquisition of Azul Baldwin Park was for a 1031 exchange,” said Sherman, in a prepared statement. “As we were selling the down leg property, we worked closely and tirelessly together with our client to further build upon their strategy of acquiring institutional properties in select growth markets like Orlando, where we feel strongly about the future demand drivers. With this acquisition, we took advantage of a rare investment opportunity in Baldwin Park, one of Orlando’s most desirable neighborhoods with limited available land for future multifamily development.”
Located at 4460 Lower Park Road, the property comprises 178 one-, two- and three-bedroom floorplans ranging from 657 to 1,418 square feet. Completed in 2014, the pet friendly Azul Baldwin Park features interiors with wood-style flooring, designer lighting, enlarged windows, ceiling fans, granite countertops, 42-inch European cabinets, stainless steel appliances, balconies/terraces, walk-in showers in master bedrooms, roman tubs, washer/dryers and high ceilings. Residents have access to amenities including:
- resort-style pool and sundeck
- outdoor kitchen, grilling area and cabanas
- full-service spa
- relaxation park
- clubroom for events
- state-of-the-art fitness center
The asset also offers nearby access to Downtown Village Center, Blue Jacket Park, running trails, Lake Baldwin and Fleet People’s dog park. Azul Baldwin Park features a boutique hotel architecture style and is the first LEED certified community in the greater Orlando area.
Image courtesy of Avison Young