FCP Expands Orlando Footprint With $25M Buy
- Nov 06, 2019
Shortly after its $85 million purchase of a Palm Beach multifamily portfolio, FCP has acquired Park at Sorrento, a 208-unit community in the Orlando, Fla. suburb of Kissimmee, for $25.3 million. Yardi Matrix shows that Walker & Dunlop facilitated a $16 million Fannie Mae loan assumption from the previous owner, which CBRE represented in the transaction.
This marks the company’s sixth acquisition in the state this year, according to Yardi Matrix. Following the deal, the firm’s Florida portfolio exceeds 2,700 units with its Orlando footprint at 472 units.
The new owner plans to rebrand Park at Sorrento as Mirador at Woodside. Located near U.S. Route 192 on 15.6 acres at 900 Woodside Circle, the property is 20 miles south of downtown Orlando. The community is close to the Vine Street Square shopping center, with many other retailers in the nearby area.
Completed in 1973, the community offers one- to three-bedroom floorplans averaging 971 square feet across 26 two-story buildings. Amenities include a swimming pool, fitness center, tennis court and clubhouse. The property was 96.2 percent occupied as of September, per Yardi Matrix data.
Shelton Granade, Luke Wickham and Justin Basquill led the CBRE team acting on behalf of the seller in the deal, and Walker & Dunlop’s Brendan Coleman, Connor Locke and Skye Stansbury secured the mortgage assumption.