Cushman & Wakefield Closes $18M Orlando Sale
- Jan 12, 2021
Cushman & Wakefield has arranged the $18 million disposition of Orlando on the Lake, a 189-unit community in Orlando, Fla. Executive Managing Directors Mike Donaldson and Nick Meoli worked on behalf of the seller, Lohman Apartments. The deal marks buyer DASMEN Residential’s first acquisition in the market.
The transaction is the 50th for the brokerage’s Florida multifamily office in the past year, according to Donaldson. In August, Meoli was involved in the nearly $56 million trade of a 416-unit Tampa Bay community.
Completed in the mid-1970s, the 25-building property at 701 S. Ivey Lane offers one-, two- and three-bedroom units, 97 percent of which were renovated during the past seven years. Amenities include a basketball court, a playground and laundry facilities. The new owner has rebranded the community as Avalyn West and plans to move forward with additional upgrades to apartments and common areas, adding a resort-style pool, DASMEN CEO Michael Katz noted.
Located alongside Lake Mann, less than 5 miles from downtown, the 16-acre site is 2 miles south of the Colonial Drive retail corridor and within 3 miles of Interstate 4.