Newmark Knight Frank Closes $59M Orlando-Area Sale
- Aug 08, 2019
Newmark Knight Frank Multifamily has brokered the sale of Century ChampionsGate, a 304-unit, Class A community near Orlando, Fla. The property sold for $59 million, according to Osceola County records. Senior Managing Director Scott Ramey and Executive Managing Director Kevin Judd assisted the seller, Centennial Holding Co., in the disposition to Bluerock Real Estate. Ramey and Judd were also involved in the $63 million sale of a 356-unit multifamily asset in Orlando earlier this summer.
Century ChampionsGate previously sold in 2015, when Integra Land Co. traded the asset for $41 million. Since then, the metro’s population has ballooned, with investment in real estate following suit: Last year, nearly $3.1 billion in multifamily property sales closed in the market, according to Yardi Matrix.
Located at 9116 Integra Meadows Drive in Davenport, Fla., the property is adjacent to the 1,500-acre ChampionsGate golf resort. Downtown Orlando is approximately 30 miles northeast, accessible via Interstate 4.
Constructed in 2008 on a 17-acre site, Century ChampionsGate consists of 23 two- and three-story buildings. The property has one- to three-bedroom units with an average floorplan of 1,062 square feet. Common-area amenities include a swimming pool, outdoor grilling areas, a fitness center and a spa. The community was 92.4 percent occupied as of June, per data from Yardi Matrix.
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