Cushman & Wakefield Brokers $49M FL Sale
- Jul 12, 2018
Cushman & Wakefield has arranged the sale of Arrow Ridge, a 320-unit garden-style multifamily community in Kissimmee, Fla. Insula Cos., who operates apartment communities throughout Central and Southwest Florida, purchased the asset for $49 million. According to Yardi Matrix data, the sale was subject to a $37.9 million loan held by Freddie Mac. Seller Waypoint Residential recently upgraded all unit interiors. The community was 98.4 percent occupied at the time of the transaction.
Senior Directors Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida multifamily team in Orlando negotiated the transaction on behalf of the seller. The company has recently facilitated the $53 million sale of a Class A luxury community in Fort Lauderdale, Fla.
Located at 4100 Arrow Ridge Place, the 337,892-square-foot property is just north of U.S. Route 192, and within 25 miles of downtown Orlando. Shopping, retail and dining venues are nearby and The Loop- Kissimmee shopping mall is within a 15-minute drive.
Completed in 1999 and spread across 16 three-story buildings, Arrow Ridge consists of one-to four-bedroom units ranging from 697 to 1,336 square feet. Common-area amenities include controlled access, business center, swimming pool, fitness center, volleyball court and children’s play area.
Image courtesy of Cushman & Wakefield
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.