LivCor Pays $63M for Orlando Student Housing Community
- Mar 05, 2021
Investcorp has sold Mercury 3100, an 840-bed student housing community in Orlando, Fla. According to Yardi Matrix data, LivCor acquired the 228-unit asset for $63 million. Newmark represented the seller.
Built in 1999, Mercury comprises a mix of three- and four-bedroom apartments with washer/dryer units. Common-area amenities include a swimming pool, basketball court and fitness center.
Investcorp acquired the asset in 2017 for $42 million, Yardi Matrix data shows. In January, the company purchased a portfolio of five apartment communities in three cities for $330 million. Totaling 1,854 units, the properties are located in Atlanta, Baltimore and Jacksonville, Fla.
Located at 3100 Alafaya Club Drive, on a 40-acre site, Mercury is within 1 mile of the University of Central Florida. The surrounding area has several retail options, including Alafaya Commons commercial center, which is located within one mile from the asset. Downtown Orlando is 12 miles from the 19-building property.
Newmark’s brokerage team included Vice Chairman Ryan Lang, Senior Managing Director Scott Ramey and Associate Director Jack Brett. In October 2020, Ramey represented the seller of CODA Apartments, a 296-unit property in Orlando, Fla. The community traded for $66 million.