Newmark Knight Frank Closes Sale of Orlando Luxury Community
- Sep 06, 2019
Newmark Knight Frank Multifamily has brokered the sale of Vernazza, a 256-unit, Class A community in Kissimmee, Fla. Senior Managing Director Scott Ramey, Vice Chairman Patrick Dufour and Executive Managing Director Kevin Judd represented the seller, Fore Property Co. The buyer was EBSCO Income Properties. Ramey and Judd also assisted Centennial Holding Co. in the disposition of a 304-unit luxury community in the Orlando area in August.
Located at 1790 Manarola St. in the West Kissimmee submarket, Vernazza is adjacent to John Young Parkway, equidistant from Central Florida GreeneWay to the north and Florida’s Turnpike to the east. The property also sits between The Loop and The Crosslands, offering access to more than 2 million square feet of retail, dining and entertainment. Downtown Kissimmee is 4.3 miles south and Walt Disney World Resort is roughly 10 miles west.
Constructed in 2018 on 12.5 acres, the LEED Gold-certified community consists of nine four-story buildings. The unit mix features one- to three-bedroom apartments, ranging in size from 700 to 1,301 square feet. Amenities include a waterscape, a fitness center, a clubhouse, a pavilion and two dog parks. According to Yardi Matrix data, the property was 89.1 percent occupied as of July.
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