Orlando Garden-Style Community Sells for $63M
- Jun 27, 2019
Venterra Realty has sold Park 9 Apartments, a 356-unit garden-style property in Orlando, Fla. Priderock Capital Partners purchased the asset for $63.3 million, according to Yardi Matrix data, and rebranded it as University Park Apartments. The sale was subject to a $43.6 million Fannie Mae loan, which is set to mature in 2034. Newmark Knight Frank worked on behalf of the seller and NKF’s Multifamily Capital Markets team originated the financing for the buyer.
Located at 9201 Nelson Park Circle, the community is 10 miles east from downtown Orlando, near the Colonial Drive and the Central Florida GreeneWay junction. The University of Central Florida and its Central Florida Research Park are approximately 6 miles east from the property, providing various tech and defense contracting jobs.
Completed in 1998, University Park consists of 25 two- and three-story buildings on a 17.8-acre site. The unit mix features one- to three-bedroom floorplans, ranging in size from 700 to 1,100 square feet, per Yardi Matrix data. Amenities include a pool, a fitness center, a newly renovated clubhouse and a business center.
The property was approximately 92 percent occupied at the time of the sale. Senior Managing Director Scott Ramey and Executive Managing Director Kevin Judd of Newmark Knight Frank represented Venterra Realty in the transaction.
With the acquisition of University Park, Priderock Capital Partners further expands its South Atlantic portfolio. Recently, the company purchased a 440-unit multifamily property in Jacksonville, Fla.