Blackstone Pays $100M for Orlando Luxury Property

The 428-unit Class A community traded for the first time in more than a decade.
Harbortown

JRK Property Holdings has sold Harbortown in Orlando, Fla., for $100 million, according to Yardi Matrix. The 428-unit Class A community traded for the first time in more than a decade, after Northwestern Mutual Real Estate Investors sold the asset for $40 million in September 2010.

Blackstone, through its multifamily asset manager LivCor, acquired the property. The two companies closed a similar deal earlier this month in Jacksonville, Fla., with the $90 million acquisition of a 444-unit luxury community.

Located 10 miles northwest of downtown Orlando at 2333 Lake Debra Drive, Harbortown is approximately 5 miles from Universal Studios. The garden-style community is a short distance from a Publix-anchored shopping center on South Hiawassee Road, and Interstate 4 is 5 miles to the east.

Completed in 1999 on a 20-acre site, the gated community comprises one-, two- and three-bedroom apartments and a selection of  two- and three-bedroom townhouses. Amenities include a spa, playground, pool, pet park and car care center.