Orlando Multifamily Wrap-Up – March 2020
The city’s largest residential development shrinks. CBRE makes $160 million portfolio buy. Read our March list of Orlando must-knows.
Society Orlando. Image courtesy of PMG
Orlando’s multifamily activity started the month out strong—work kicked off on the city’s largest project, and a number of major multifamily transactions closed, including a $160 million portfolio deal. Activity slowed later in March as worries over the new coronavirus mounted, culminating in a stay-at-home directive issued for Orange County on March 26. Here’s our selection of the month’s must-reads:
1. DEVELOPMENT – Downtown Orlando’s largest project downsizes.
Society Orlando, the planned three-tower community at 434 N. Orange Ave., will have 719 instead of the previously announced 889 units, according to Orlando Business Journal. PMG and Raven Capital Management broke ground on the first two towers of the $215.7 million project at the start of the month. Completion is expected in 2022. The development team reduced the number of apartments following a new analysis of market needs.
2. DEAL – JV trades high-end Kissimmee asset for $67 million.
Bluerock Real Estate purchased the 300-unit Integra Sunrise Parc Apartments from a partnership between Panther Residential Management, Integra Land Co. and CrossHarbor Capital Partners. KeyBank provided the buyer with a 10-year, $43.8 million acquisition loan. The community, located at 4701 Luminous Loop, has eight four-story buildings which delivered in 2019.
3. DEVELOPMENT – Wood Partners opens luxury community.
The developer’s 299-unit Lake House by Alta broke ground in April 2018. Located at 7600 Majorca Place, the Class A multifamily property includes studio, one-, two- and three-bedroom floorplans averaging 973 square feet. Amenities include flexible office spaces, three elevated courtyards, a pool with cabanas, two fitness rooms and a pet park.
4. DEAL – Lloyd Jones makes $47.2 million value-add buy.
The firm acquired the 292-unit Avisa Lakes Apartments from Oak Residential Partners. Newmark Knight Frank provided the buyer with a $32.7 million Freddie Mac loan, according to Yardi Matrix. The 1986-built community at 7960 Pine Crossing Circle has one- and two-bedroom units.
5. FINANCING – Hunt Real Estate Capital refinances suburban property.
The company provided a $13 million, Fannie Mae DUS loan to the owner of Bella Lago, a 156-unit community on the shores of Lake Buchanan. The 10-year, fixed-rate financing has a 60-months interest-only term, followed by a 30-year amortization schedule. The 14.5-acre property at 4405 S. Texas Ave. has two-bedroom, 1,100-square-foot apartments.
6. DEAL – CBRE Global Investors pays $160 million for 604-unit portfolio.
The firm acquired the 346-unit Venetian Isle and the 258-unit Zen Luxury Living from Unicorp National Developments. Yardi Matrix shows the buyer took out a $90.1 million loan from Allianz to finance the deal. Located at 6506 San Francesco Way in Windermere and 9835 Namaste Loop in Orlando, the properties were 95 percent occupied at the time of sale.
