Cushman & Wakefield Leads $60M Sale of New Orlando Community
- Jun 27, 2016
Orlando, Fla.—Just completed this year, the new luxury community Integra Cove is changing hands. Cushman & Wakefield represented a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. in the $60.4 million sale of the 338-unit community, which is one of the newest in Orange County.
Cushman & Wakefield Senior Director Ken Delvillar and Executive Director Jay Ballard led the sale. New York-based Praedium Group was the buyer.
“Integra Cove offered investors the unique opportunity to acquire a new-construction, Class A multifamily asset in one of the most dynamic tourist commercial corridors in the nation,” said Delvillar. “There’s nothing else in the submarket that offers comparable visibility, location, finishes or amenities.”
Integra Cove consists of 13 buildings on a 14.5-acre site, offering 17 different floor plans and units averaging 960 square feet. Units include wood plank flooring, granite kitchen countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers.
The numerous amenities at the gated community include: a zero-entry salt water pool, poolside grilling station, wireless cafe, 24-hour fitness studio with CrossFit, a “bark park,” pet spa, auto detailing station, electric car charging stations and elevator access.
The community, located at 6801 Integra Cove Blvd., is also close to many of Orlando’s major employers and attractions, including close proximity to Sea World, Walt Disney World, Universal Studios and the Orange County Convention Center.
Orlando has seen significant rent growth in recent years, averaging more than 5 percent in the past five years, according to AxioMetrics.
“We feel confident in this market’s continued growth as evidenced by the city’s significant investment in transit infrastructure, including $2.3 billion in a 21-mile makeover to the region’s main thoroughfare, Interstate 4, $1.6 billion in an expansion of the Orlando International Airport, and $615 million in Orlando’s first commuter rail transit system,” said Lindsay Schuckman, associate of The Praedium Group.