Orlando Apartments Sell for $92M
- Jun 09, 2016
Orlando, Fla.—GrandeVille on Avalon Park, a 487-unit apartment property at 525 Loyola Circle in east Orlando, has traded for about $92.5 million. Preferred Apartment Communities bought the community from Altamonte Springs-based Cambridge Management Services Inc., a part of LeCesse Development Corp.
The property features an average unit size of 1,394 square feet and one-, two- and three-bedroom units. Nearly half of the units include a direct-access garage (147 townhouses, 20 carriage homes and 72 apartments), with an additional 92 attached and detached garages and 168 storage units available to residents.
Common amenities include a 14,877-square-foot clubhouse with gathering areas and an indoor basketball court; welcome center; cyber café; business center; game room with card tables, pool table and shuffleboard; and resident kitchen and lounge. The property also features a fitness center with a Kid’s Corner; resort-style pool with a hot tub, waterscapes and cabana seating; and a Bark Park.
Developed in 2008 by LeCesse, GrandeVille on Avalon Park is within Avalon Park, a 1,860-acre master planned-community in East Orlando beside the Econlockhatchee River. The mixed-use Avalon Park includes about 3,400 single-family units, 1,431 multifamily units and more than half a million square feet of commercial space.
Avalon Park also includes 240 acres of wetlands, 400 acres of upland preserve and 250 acres of manmade lakes. Walking/biking trails connect each neighborhood village, which feature a variety of community amenities.