Lantower Residential Pays $75M for Orlando Luxury Community
- Jun 18, 2019
Dallas-based Lantower Residential has acquired Alta Grande, a recently completed 314-unit multifamily community in Orlando, Fla., from developer Wood Partners for $74.7 million, according to Yardi Matrix data. The property, which opened in May 2018, was 98.4 percent leased at the time of sale and was rebranded into Lantower Grande Flats.
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Cushman & Wakefield’s Florida Multifamily Team, directed by Robert Given, represented Wood Partners in the transaction. Jay Ballard, Ken Delvillar and Michael Mulkern were also part of the negotiations for Cushman & Wakefield.
Luxury Housing Near Major Employers
Atlanta-based Wood Partners began construction in May 2017 on the 13.6-acre development. Situated at the nexus of the Florida Turnpike, The Beachline Expressway (FL-528) and Interstate 4, the property is located at 3512 Grande Reserve Way in the South Orlando multifamily submarket. It is near some of the city’s major attractions and employers and the JW Marriott/Ritz Carlton-Grand Lakes luxury hotel complex. The region’s retail, dining and entertainment venues are also nearby.
The Cushman & Wakefield team noted most of the new construction in the area this cycle has been concentrated around the International Drive corridor. Lantower Grande Flats’ location in the South Orlando submarket offers demographic and geographic advantages and also provides shelter from future competition via the Shingle Creek Wetlands, which serves as a natural barrier to entry.
Lantower Grande Flats comprises 10, three-story residential buildings, an integrated clubhouse and nine garage buildings. The property has a mix of one-, two- and three-bedroom units with an average size of 969 square feet. Rents range from $1,353 to $1,959 with an average of $1,581, Yardi Matrix data shows.
Units feature wood-style laminate flooring, granite countertops, stainless steel appliances, kitchen islands with USB outlets, glass-tiled backsplashes, pendant lighting, full-size washers and dryers, side-by-side refrigerators, walk-in closets, garden tubs with rain shower heads and private balconies or patios.
Community amenities include a leash-free pet park with dog washing station; putting green; fire pit; bocce ball court; 24-hour fitness center with yoga room; outdoor kitchen with a pizza oven and beer tap; grilling stations; sports court; zen garden; zero-entry, saltwater swimming pool with poolside cabanas and hammock garden; business center; and a game room with billiards and foosball tables.
Wood Partners Projects
Earlier this month, Wood Partners broke ground on Alta Columbia City, a 243-unit multifamily community in Seattle that is slated to open in 2021. The company entered the Seattle market eight years ago and this will be its third community in the metro.
In May, the company began construction of Alta Warehouse District, a 300-unit, luxury multifamily project in Phoenix. Scheduled to open in the second quarter of 2020, it will be one of the first apartment communities to be built in the city’s downtown Warehouse District. Wood Partners has built three other Alta projects in downtown Phoenix.
Lantower has other properties in the Orlando region. In November 2017, Lantower, a subsidiary of H&R REIT, acquired the 282-unit Oasis at Grande Pines from developer Picerne Real Estate Group. The company renamed the property Lantower Grande Pines.
In October 2017, Lantower purchased Seneca at Cypress Creek, a 2010-built community with 451 units in the Lutz/Wesley Chapel submarket of Tampa, Fla. Built by Greystar Real Estate Partners, the property is close to Interstate 75, SR 54/56 and retail centers including the Tampa Premium Outlets and The Shoppes at New Tampa.
More recently, in December, Lantower purchased Solis Waverly, a 375-unit multifamily community in Charlotte, N.C., for $84.4 million from Federal Capital Partners (FCP). The property was rebranded as Lantower Waverly.