JV Picks Up Orlando Community for $15M
- Aug 30, 2019
DLP Real Estate Capital has sold Kensington Cottages, a 170-unit residential community in Orlando, Fla. A joint venture between The Coastline Management Group and Benedict Realty Group purchased the asset for $15.3 million. Newmark Knight Frank represented the seller in the disposition. The property last traded in 2016 for $7.3 million, Yardi Matrix data shows.
The community sits at 2909 Burroughs Drive in the Rosemont submarket, about 9 miles northwest of downtown Orlando. The property is adjacent to Bravo Supermarkets and across the street from Park Promenade Plaza, offering residents immediate access to various restaurants and retail. Major employers in the area include Orlando Regional Medical Center and Webster University.
According to Yardi Matrix data, Kensington Cottages was completed in 1984 on a parcel of almost 18 acres. The 16 one-story buildings house studio, one- and two-bedroom units averaging 598 square feet in size. Amenities include a clubhouse, laundry facilities and more than 300 parking spaces. The property was approximately 94 percent occupied at the time of sale.
NKF Senior Managing Director Ryan Moody and Director Andrew Visnick represented the seller in the deal. In June, another NKF team assisted the seller in the disposition of a 356-unit property in Orlando. Priderock Capital Partners purchased that asset for a little more than $63 million.