Orlando Multifamily Wrap-Up – October 2020

Linden Audubon Park. Image courtesy of Berkadia

Orlando’s multifamily sector saw several headline-grabbing moves take place in October, including a number of high-value investment transactions as investors added new, stabilized assets to their portfolios. Although multifamily deals and loans continued to close, some developers are beginning to rethink approved projects, even though Yardi Matrix showed the metro had more than 18,000 units underway at month-end. Check out our October selection of Orlando must-knows:

1. DEAL – American Landmark acquires two-property portfolio for $100.5 million.

RADCO Cos. sold the two assets encompassing 612 units in Orlando and Clearwater, Fla. Newmark Knight Frank originated two 10-year Freddie Mac notes totaling $72.5 million for the purchase, according to Yardi Matrix. Completed in 1983, the 336-unit Onyx Winter Park occupies an 18-acre parcel at 100 Reflections Circle in Orlando. The other asset in Clearwater was built in 1985. American Landmark plans to renovate both communities.

2. FINANCING – Harbor Group lands $74 million Freddie Mac loan.

Berkadia provided the note for Linden Audubon Park, a 449-unit community 3 miles northeast of downtown. The 10-year mortgage carries a variable interest rate, has partial interest-only payments and represents a 75 percent loan-to-value ratio. The borrower paid $97 million to acquire the asset from Greystar in 2017, Yardi Matrix shows. Located on 19 acres at 990 Warehouse Road, the property encompasses 12 buildings delivered in 2017.

3. OPERATIONS – Bainbridge Cos. to manage upcoming luxury community.

A joint venture between VRM Cos. and Skorman Development Corp. tapped the company to oversee property management for the 297-unit Minneola Hills. The development is located on a 17-acre parcel at 450 Hillside Park St. The unit mix will include one- to three-bedroom apartments between 650 and 1,273 square feet, with amenities such as a resort-style swimming pool, 8,000-square-foot clubhouse, cyber café and gym.

4. DEAL – Upscale property changes hands for $66 million.

RK Properties completed the acquisition of CODA Apartments, a 296-unit garden-style community, from a partnership between Catalyst Development Partners and The Carlyle Group. KeyBank originated a 10-year, $35.1 million Fannie Mae loan, according to Yardi Matrix data. Delivered in 2019, the four-story building occupies a 9-acre parcel at 13645 E. Colonial Drive. Amenities include a gym, business center, clubhouse and swimming pool.