ARA Newmark Facilitates Orlando Luxury Asset Transaction
- May 22, 2018
Following the company’s involvement in the disposition of a 336-unit luxury community in San Antonio earlier this year, ARA Newmark has brokered the sale of Axis West, a 268-unit luxury asset in Orlando, Fla. Director Scott Ramey and Executive Managing Directors Patrick Dufour and Kevin Judd represented the seller, Flournoy Partners. Bluerock Real Estate purchased the 2017-built property for an undisclosed sum. The transaction represents the asset’s first change of ownership.
Located at 6820 Axis West Circle, Axis West is along Orlando’s International Drive Corridor, with popular tourist destinations such as Universal Studios and Walt Disney World Resort within a 15-minute drive. SeaWorld is roughly one mile from the property, while downtown Orlando is approximately 14 miles away. According to Yardi Matrix data, the community features 109 one-, 123 two- and 36 three-bedroom units, ranging in size between 626 and 1,331 square feet. Amenities include:
- controlled access
- fitness and business centers
- swimming pool
- 452 parking spaces
- private balconies and patios
Sustainable rent growth
At the time of the transaction, Axis West had a roughly 93 percent occupancy rate. With an affluent resident base and average household incomes approaching $100,000, the property has achieved some of the highest rents in the submarket.
“Axis West is at the epicenter of South Orlando’s largest job center with over 140,000 jobs within five miles of the property alone. The I-drive corridor has long-enjoyed the largest influx of new jobs in Central Florida—especially hospitality, medical and defense contracting—which has created an insatiable demand for high-quality residential options. We’ve seen tremendous absorption at every new apartment community delivered this cycle and strong rent growth throughout the submarket, but Axis West raised the bar,” said Dufour, in a prepared statement.
Image courtesy of ARA Newmark
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