JV Buys Orlando Apartments for $98M

The asset is located within the MetroWest master-planned community.

Alvista West Vue. Image courtesy of Berkadia Real Estate Advisors

A joint venture of Phoenix Realty Group and Prospect Capital has acquired Alvista West Vue in Orlando, Fla., from RISE: A Real Estate Co., for $97.5 million. The 442-unit gated community within the MetroWest master-planned community was the area’s first multifamily development in more than a decade when RISE broke ground in 2019.

The five-building Alvista West Vue, located at 5915 Raleigh St., offers one-, two- and three-bedroom units, averaging 952 square feet. Construction on the property, previously known as West Vue, was completed in 2021.

Read Also: Luxury Community Coming to Orlando’s MetroWest

Individual apartments feature nine-foot ceilings, ceiling fans, wood-plank style flooring, designer pendant lighting, stainless steel energy-efficient appliances, granite countertops, contemporary cabinetry with designer shelving, center island with breakfast bar seating, side-by-side refrigerators, walk-in closets with built-in shelving, walk-in showers, dual vanities, full-sized washer and dryers, spacious balconies and screened-in patios, and pet-washing stations.

Resident amenities include controlled access, two resort-style swimming pools with sun shelves and private cabanas, a 24-hour expansive clubhouse with Wi-Fi, a spa, a coffee concierge, a media and game lounge, rentable private offices and study spaces, a 24-hour fitness center, full yoga studio, expansive courtyards, a dog park, children’s playground and a summer kitchen with grills and recreation and picnic areas, and private office nooks.

Alvista West Vue is situated in the northeast portion of the 1,805-acre MetroWest, across the street from the Kirkman Station retail center at the intersection of South Kirkman Road and Raleigh Street. MetroWest was developed in 1985 and was one of Orlando’s first master-planned communities. It lies within a 15-minute drive of Universal Studios, downtown Orlando and Walt Disney World; shopping at The Mall at Millenia and Orlando International Premium Outlets; and the International Drive entertainment corridor.

RISE was represented by Senior Managing Director Cole Whitaker, Managing Directors Matt Wilcox and Brett Moss and Associate Director Tyler Swidler with Berkadia Real Estate Advisors.

Orlando Multifamily

Orlando has 136 multifamily properties totaling 34,680 units within five miles of the intersection of West Miller Street and State Road 527, according to Yardi Matrix. Developers have 10 properties underway that will add 2,598 units to the city’s inventory and have planned 14 more that will add 4,133 units. There are another 47 multifamily projects in the works that could add 8,906 units.

Orlando has seen 78 multifamily properties trade hands in the past five years, recording an average sale price of $158,780 per unit.

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