The 192-unit apartment complex in the northwestern submarket of Orlando changed hands just recently, with Miami-based Rivergate Partners acquiring the property for $11.6 million.
Apartment Realty Advisors’ sales team made up of Principals Kevin Judd, Patrick Dufour, Richard Donnellan and Vice President Matt Wilcox spoke for the seller in the transaction. The community, which is located less than six miles from Downtown Orlando and three miles from MetroWest, is directly accessible from Central Business District which means 1,100 businesses and more than 65,000 employees within reach.
It follows that the apartments also offer great access to popular sites such as the Florida Citrus Bowl, the Amway Center and the soon to be completed Creative Village and Dr. Phillips Center for the Performing Arts.
Constructed in 1996, Bella Vita Place used to be a Tax Credit property. It has recently been reverted to market rate rental structure and was 96% occupied at the time of acquisition. Rivergate saw a unique investment opportunity in this, said Jay Massirman to the press. The company plans to carry out a number of value add upgrades on the community in order to enhance its infrastructure.
The gated community boasts spacious two-bedroom and three-bedroom floor plans averaging 1,102 square feet. The apartments are equipped with air conditioning, tile floors, walk-in closets, dishwashers, washer dryer hookups and other amenities. Community features include a large swimming pool, club house, playground, and a fitness center.
Photo credits: Rivergate Partners