Ortsac Buys Orlando-Area Apartments for $124M
Newmark arranged $71 million acquisition financing for the deal.
Private family investment firm Ortsac Capital Group has acquired The Westerly, a newly-built trophy apartment community in Winter Garden, Fla. Multifamily developer Fore Property Co. and investment management firm PCCP LLC were the sellers of the property. Newmark arranged the $123.5 million sale and $71 million financing.
Located at 14680 Westerly Drive, the community is a 352-unit, garden-style, LEED-certified luxury property constructed this year. Measuring 348,801 square feet in size, The Westerly features a blend of studio, one-, two- and three-bedroom units, with residences averaging 991 square feet. The apartment community is made up of a half dozen four-story, elevator-serviced buildings on 26.7 acres.
Apartments feature above-average ceiling heights, in-unit washer-dryers, digital locks, high-speed Internet access and the option for detached two-car garages. A wine room with multiple gathering areas is among the property’s most prominent amenities.
The rapidly expanding Winter Garden area is proximate to many of the region’s job centers, among them Orlando Health ER and Medical Pavilion Horizon West, AdventHealth Winter Garden and Orlando Health—Health Central Hospital.
Also nearby are an array of retail and entertainment attractions. They include Walt Disney World theme parks, Orlando Resort Corridor and Disney’s new 250,000-square-foot Flamingo Crossings Town Center.
Managing Director Scott Ramey and Associates Brad Downing and Paul Grant of Newmark Multifamily Group represented the seller. Newmark Executive Managing Directors Matthew Williams and Brian Kochan, along with Associate Director Kyle Schlitt of the firm’s Debt and Structured Finance team, helped secure the acquisition financing from Nationwide Life Insurance Co.
The Westerly is Ortsac’s first acquisition in the Central Florida market. Last week, Cortland acquired Falcon Square at Independence in Winter Garden.