Lincoln Avenue Expands Orlando Footprint
The firm paid more than $6 million for the 121-unit fully affordable multifamily asset, with SunTrust Bank providing acquisition financing.
Lincoln Avenue Capital has acquired San Jose Apartments, a 121-unit fully affordable community near Orlando, Fla., for $6.1 million from Royal American Development, according to Yardi Matrix data. SunTrust Bank provided $5.6 million in acquisition financing.
Located at 2353 Winter Woods Blvd. in Winter Park, the community is approximately 10 miles northeast of central Orlando. Half a mile south of a Publix-anchored shopping center, the garden-style property’s eight buildings are situated alongside the Semoran Boulevard retail corridor. The metro’s LYNX bus system operates a short walk from the asset.
San Jose contains one-, two- and three-bedroom apartments, with floorplans ranging from 863 to 1,313 square feet. The community’s amenity mix includes a swimming pool, laundry facilities, playground and clubhouse.
SunTrust Bank has been active in the region, partnering with Santander Bank to provide $66 million in construction financing for the upcoming Creative Village Parcel M Apartments, a Class A, 14-story project.
Image courtesy of Yardi Matrix