New Ultra Luxury Apartments Sell North of Orlando
- Jul 27, 2015
Lake Mary, Fla.—An Alabama investor jumped on the opportunity to acquire a best-in-class property that was nearing stabilization. B&M Management is proud new owner of Solara, a 272-unit community located about 20 miles north of Orlando in Lake Mary, Fla. The 2014-built property was developed by Tennessee’s Bristol Development Group, and was 93 percent occupied when ink hit the paper. ARA Newmark worked with Bristol on the sale.
“The property was only 70 percent occupied when we presented it to the market,” says Patrick Dufor, executive managing director at ARA Newmark. “However, with a strong leasing trend and increasing rents, the seller was able to realize a full market price while the buyer will receive a fully stabilized asset at closing. Marketing assets during lease-up provide a win-win scenario for buyer and seller.”
Dufor working alongside fellow executive managing direct Kevin Judd, as well as associate Scott Ramey, and vice chairmen Marc DeBaptiste and Dick Donnellan in representing Bristol Development Group.
While ARA Newmark did not disclose the sales price, Yardi Matrix records shows Solara fetching $42.3 million, which makes sense considering the amenity package. Solara offers residents a clubhouse with glass garage doors overlooking the saltwater pool, a fitness center, on-site pet spa, social lounge with juice and coffee bar, and a courtyard. Units come equipped with stainless steel appliances, granite counters, 9-foot ceilings, walk-in closets, full-size washer/dyers and patios/balconies.
Lake Mary is one of the larger office markets in central Florida with more than 5 million square feet of space. Verizon, AAA, Convergys, Deloitte and Mitsubishi Power Systems are all located within three miles of Solara. There is also a Sun Rail station about 10 minutes from the community.