Bluerock Pays $67M for Suburban Orlando Community
- Mar 09, 2020
Bluerock Real Estate has acquired Integra Sunrise Parc Apartments, a 300-unit luxury property in Kissimmee, Fla., for $67 million. Cushman & Wakefield represented the seller, a joint venture between Panther Residential Management, Integra Land Co. and CrossHarbor Capital Partners. KeyBank provided the buyer with a 10-year, $43.8 million acquisition loan.
Located 18 miles south of downtown Orlando at 4701 Luminous Loop, the community encompasses eight four-story buildings completed in 2019. The property has one-, two- and three-bedroom floorplans. Amenities include a saltwater pool, outdoor yoga studio, zen garden, gym and dog park. At the time of the sale, the asset was 83.3 percent leased.
The Cushman & Wakefield team included Vice Chairman Robert Given and Executive Directors Jay Ballard and Ken Delvillar.
Bluerock’s latest purchase comes on the heels of a 254-unit luxury acquisition from Milburn & Co. in Phoenix. The Class A multifamily asset changed hands for more than $40 million.