By Alex Ciorogar
A partnership between Robbins Property Associates and LEM has bought Art Avenue, a 300-unit gated community in Orlando, Fla., located at 10201 Lee Vista Blvd. CBRE Vice Chairman Shelton Granade, Senior Vice President Luke Wickham and Associate Justin Basquill represented the seller, Colony Realty Partners.
The property was 96 percent occupied at the time of the sale, according to Yardi Matrix data. Moreover, the asset was subject to a $40.5 million acquisition loan held by Freddie Mac’s green-up program. Berkadia Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Wesley Moczul arranged the 10-year, floating-rate loan with a competitive LTV ration and five years of interest only.
Built in 2014, the 11 three-story buildings spread across a 17-acre site and feature a mix of one-, two- and three-bedroom apartments. Interior amenities include washers, dryers, dual-pane glass windows and microwave ovens.
Common-area amenities include:
- controlled access
- fitness center
- business center
- swimming pool
- 350 parking spaces
“The sale of Art Avenue proves the strong demand for multifamily investments in the southeast Orlando submarket,” said Granade in prepared remarks. “In addition, we are seeing increased interest from private investors to pursue assets built within the last five years.”
Lake Nona Medical City, the Orlando International Airport and University of Central Florida are all located nearby.
Image courtesy of Yardi Matrix