North FL Community Sells for $54M

Newmark Knight Frank originated nearly $38 million in Freddie Mac acquisition financing for TruAmerica Multifamily, the buyer of the 272-unit Class A asset.
Legends Lake Mary

Rock Cos. has sold Legends Lake Mary, a 272-unit Class A luxury community near Orlando, Fla., for $54 million, according to Yardi Matrix. The buyer, TruAmerica Multifamily, financed the acquisition with a seven-year, $37.8 million Freddie Mac loan originated by Newmark Knight Frank. The property last changed hands in December 2006, when Nuveen Real Estate traded the asset for $35.7 million.

The deal marks TruAmerica’s second major Orlando-area acquisition this year. In February, the firm paid $64 million for a 472-unit luxury community 25 miles southwest of Legends.

Located at 700 Oakland Hills Circle in the northern suburb of Lake Mary, Fla., the garden-style community’s 17 buildings are situated near Interstate 4, 18 miles from downtown Orlando. A Publix-anchored neighborhood shopping center is positioned alongside the asset, with some larger retail properties 2 miles north.

Legends Lake Mary contains a mix of one-, two- and three-bedroom apartments, with unit floorplans ranging from 764 to 1,492 square feet. Community amenities include volleyball and tennis courts, a 24-hour fitness center, a business center, a swimming pool and a car washing station. The new owner selected ZRS Management to oversee property operations. As of January, the asset was 98.5 percent occupied, per Yardi Matrix data.

Image courtesy of Yardi Matrix