Lindemann Multifamily Management LLC has acquired the 292-unit Addison on Millenia in Orlando, Fla. A joint venture of ContraVest, Case Pomeroy and BBX Capital sold the asset for $63.8 million. CBRE arranged the transaction on behalf of the seller, while also facilitating a $38.2 million, 10-year loan through Fannie Mae for the buyer.
BBX Capital completed construction of Addison on Millenia last year, adding to the 47-acre residential and business project known as The Gardens on Millenia. The luxury community is located at 4673 Gardens Park Blvd. and comprises six buildings which offer one-, two- and three-bedroom floorplan configurations, ranging in size from 741 to 1,347 square feet. The interiors feature luxury designs and finishes, including 9- and 10-foot ceilings, granite countertops, pendant lighting and stainless-steel appliances, among others. Common-area amenities include a fitness center, a clubhouse, a swimming pool and 438 parking spaces.
Several large shopping destinations are within a 3-mile radius of The Addison at Millenia, including the 1.2 million-square-foot Mall at Millenia. According to CBRE, the property benefits from access to more than 400,000 jobs. The community opened for leasing in June this year, accruing 89.7 percent occupancy as of August, Yardi Matrix data shows.
“Addison on Millenia had a phenomenal lease-up, which garnered plenty of interest from investors. The strong demand has been a testament to the desirability of the property and the location,” said Shelton Granade, vice chairman of CBRE, in a prepared statement.
Image courtesy of CBRE