Hines Sells Community in Disney Master-Planned Neighborhood
- Sep 23, 2016
By Samantha Goldberg
Celebration, Fla.—Dreams came true for Hines with the successful sale of the newest multifamily addition to The Walt Disney Co.’s Town of Celebration community. The firm sold Aviva at Celebration, a 290,000-square-foot luxury property, to Southstar Capital Group. ARA/Newmark marketed the property for Hines. Aviva at Celebration sold for $67 million, making it one of the highest per-unit costs so far this year.
Built in 2015, Aviva at Celebration spans 14.4 acres and offers 306 units across six four-story buildings. It’s located in Disney’s master-planned community that is home to more than 12,000 people in 5,000-plus residences. The community is the first in Celebration to offer ground-level parking garages and elevator service in each building.
Community amenities include a clubhouse with media lounge, sports lounge, zero-entry saltwater swimming pool, fitness center, outdoor summer kitchen with grills and fire pits, and an indoor dog spa and outdoor dog park. But probably the most appealing location to its residents is its 10-minute distance from Walt Disney World.
“We have been very pleased with Aviva at Celebration, which demonstrates that distinctive architecture, high-quality building and efficient unit layouts in a desirable location will outperform the market and be attractive to investors,” said Jon Wood, Hines managing director for Aviva at Celebration.
The property benefits from the supply-constrained market in Celebration, achieving a successful lease-up and above-average rents, added Hines Senior Managing Director Michael Harrison.
Orlando has been a hot market this year, especially for newly build properties, as the market continues to grow. Other recent sales including a joint venture’s $60.4 purchase of Integra Cove, a new 338-unit community also close to Walt Disney World, and Passco Cos.’ $54 million purchase of The Ivy, a transit-oriented, Class A+ community built in 2015.