Orlando Luxury Asset Commands $65M

Redwood Capital Group acquired the recently opened 289-unit property from LeCesse Development, assuming the remaining balance of the developer’s construction loan.
Ancora Apartments
Ancora Apartments

LeCesse Development has sold Ancora Apartments, a 289-unit luxury community in Orlando, Fla., to Redwood Capital Group for $64.6 million, according to Yardi Matrix data. The buyer assumed the outstanding balance of the seller’s $31.8 million construction loan from MetLife on the property, which opened its doors in April.

Located at 10107 Ancora Circle in Orlando’s Lake Bryan submarket, the community is within a mile of SeaWorld and 2 miles from Simon Malls’ 657,000-square-foot Vineland Premium Outlets shopping center. A wide variety of hotels operate in the immediate area and two public transportation lines are connecting the asset with the wider area.

The community contains one-, two- and three-bedroom apartments, with floorplans between 600 and 1,462 square feet. Ancora’s amenities include a fitness center, movie theater, summer kitchen, swimming pool, business center and club room. In October, the property was 91 percent occupied, per Yardi Matrix data.

In October, Redwood Capital also acquired a recently constructed 231-unit luxury asset in Chicago for $70.4 million.

Image courtesy of Yardi Matrix