New Acquisition Convenient to Local Attractions
- Nov 18, 2011
By Jessica Fiur, News Editor
Kissimmee, Fla.—Waterton Residential, a Chicago-based multifamily company, recently purchased Verano, a Class-A, garden-style apartment community in Kissimmee, Fla.
Waterton closed the purchase of Verano in October, buying it from original developer Lane Company. It financed the purchase through a Fannie Mae loan at 65 percent loan-to-value.
Verano includes 16 three-story residential buildings. The apartments feature a mix of 144 one-bedroom, 192 two-bedroom and 48 three-bedroom units. Apartments include walk-in closets, washers and dryers, contemporary kitchens and private screened patios and balconies. Additionally, the buildings feature a mix of five different apartment styles.
“There are five different floor plans ranging from a 748 square foot, one-bedroom, one-bathroom apartment to a 1,261 square foot, three-bedroom, two-bath—really, a variety of sizes to fit any lifestyle, which makes Verano perfect for home offices, roommates or families. In addition, residents at Verano enjoy luxurious interiors including 9’ ceilings, full size washer/dryers, maple cabinets, granite bar tops and private screened in patios and balconies,” Maxwell Peek, Senior Vice President Acquisitions, Waterton Residential, tells MHN.
Verano is located near Florida’s Turnpike and US Highway 192/441. But what makes Verano especially appealing is that the buildings are situated near Orlando’s major tourist attractions such as Walt Disney World, Universal Studios and Sea World.
“We are thrilled to have acquired such a high quality physical asset in Verano and especially in the Orlando apartment market, which is strengthening,” Maxwell Peek, senior vice president, acquisitions, Waterton Residential, said in a press statement. “With Verano’s resort-class amenities, convenient proximity and access to the Turnpike and exciting nearby retail development under construction, we feel this community is extremely well positioned to provide residents with a tremendous quality of life.”