Orlando-Area Community Lands $38M Acquisition Loan
The 320-unit property was nearing full occupancy at the time of the transaction. Berkadia worked on behalf of buyer Insula Cos.
Waypoint Residential has sold Arrow Ridge, a 320-unit community in West Kissimmee, Fla. Freddie Mac facilitated the transaction with $37.9 million in acquisition financing. The 10-year floating rate Green Loan carries a five-year interest-only term and a competitive spread over LIBOR.
Located at 4100 Arrow Ridge Place, the property features one- to four-bedroom units totaling 337,892 rentable square feet. Situated on a 19-acre site, the community encompasses 16 two- and three-story buildings. Interior amenities include washers and dryers, walk-in closets and vaulted ceilings. Built in 2001, the property was 98 percent occupied at the time of sale, according to Yardi Matrix.
Common-area amenities include:
- controlled access and Wi-Fi
- fitness center and clubhouse
- volleyball court and playground
- swimming pool
- laundry facilities
- 650 parking spaces
Berkadia Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins led the negotiations on behalf of buyer Insula Cos.
“With steady increases in payroll employment and a declining unemployment rate already below the state average, the Interstate 4 corridor is an attractive market for multifamily investment that will deliver continued demand,” said Robbins in a prepared statement. “With population increases and Brightline’s proposal to build a route between Orlando and Tampa, a tailored approach to financing in highly competitive metro areas was required.”
Walt Disney World and Kissimmee Gateway Airport are both located nearby. The property also offers easy access to U.S. Highway 192. In another recent deal, Berkadia secured a $47.7 million acquisition loan for Veve at Castle Hill, a 328-unit community in Orlando’s Clermont submarket.
Image courtesy of Yardi Matrix