DeBartolo Gets Nice Price for Downtown Asset

The Gallery at Mills Park, a 310-unit Class AA multifamily infill asset located in Downtown Orlando changed hands recently, JLL Capital Markets announced. An institutional investor of undisclosed identity purchased the property for $66.5 million. The sales price translates to approximately $215,000 per unit.

The Gallery at Mills Park, a 310-unit Class AA multifamily infill asset located in downtown Orlando, is under new ownership. DeBartolo Development sold the property to an unnamed institutional investor for $66.5 million, or approximately $215,000 per unit. JLL Capital Markets represented the seller.

DeBartolo Development, an affiliate of DeBartolo Holdings, invests in a variety of assets, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects. Its portfolio includes some 31,000 multifamily units, 2.7 million square feet of retail space and more than 700 hotel guest rooms.

International Director Jubeen Vaghefi and Managing Directors Denny St. Romain, Jeff Morris and Matt Wilcox led the JLL team. “The Gallery at Mills Park is located in Orlando’s trendy, contemporary Mills 50 District, which is quickly attracting today’s renter due to its ‘live, work, play’ status,” Vaghefi said in a statement.

As part of the 14.5 acre Mills Park mixed-use project, the community offers convenient access to a number of restaurants, health/beauty vendors and a Fresh Market grocer. Community amenities include two pools, poolside grills and suites, an outdoor yoga platform, an outdoor Zen area, a coffee bar, a spin room and fitness center.

The 310 apartments are available in 12 different layouts with up to three bedrooms and two baths, distributed in 10 residential buildings. Unit interiors feature high ceilings, stainless steel appliances and kitchen islands.

Photo credit: The Gallery at Mills Park (via Facebook)