Orlando Monthly MHN Wrap-Up (Feb. 2020)
- Mar 06, 2020
Even though rent growth has slowed in Orlando’s multifamily market over the past year, the area continues to attract both investors and developers. The metro’s major headlines from February come from activity across several realms, as luxury development plans moved forward alongside a regional affordability crisis. Check out our selection of key Orlando market moves from the past month:
1. FINANCING – Berkadia closes $45.9 million Freddie Mac refi in Kissimmee.
Insula Cos. took the 10-year, floating-rate loan for Ridge @ 4100, a 320-unit, Class B community located at 4100 Arrow Ridge Place. Berkadia had also provided the initial financing when Insula bought the 16-building property from Waypoint Residential in 2018 for $49 million.
2. DEAL – Priderock Capital picks up $118 million suburban portfolio.
SPM Property Management sold the two communities totaling 664 units, according to Yardi Matrix. KeyBank provided the buyer with a 15-year, $50.2 million Fannie Mae acquisition loan. The transaction included the 400-unit Whisper Lake Apartments at 3250 Whisper Lake Lane in Winter Park and Sanford Landing, a 264-unit garden-style asset at 1800 W. First St. in Sanford.
3. FINANCING – Nonprofit forms $100 million affordable housing fund.
Central Florida Foundation and the Central Florida Regional Housing Trust established the fund to incentivize affordable housing development throughout Orlando. The partnership plans to raise capital through a mix of equity, debt, subsidies and donations. Fund priorities include building homes in key locations, renovating 25,000 homes and scaling effective solutions throughout the region.
4. DEAL – Waypoint Residential makes $67 million West Melbourne buy.
A local nonprofit sold The Luminary at 95, a 300-unit Class A asset, for $67 million. Walker & Dunlop provided the buyer with $43.9 million in Fannie Mae financing. The property, located at 110 Sagecrest Circle alongside Interstate 95, delivered in late 2019.
5. DEVELOPMENT – Planning underway on Cocoa development.
Trimback Construction will build the 268-unit community, according to state records cited by Orlando Business Journal. Cocoa Grand’s development site covers 131 acres on the southern side of King Street, east of its intersection with Range Road. Plans call for one-, two- and three-bedroom units with amenities including a clubhouse and car wash.
6. DEAL – CBRE pays $68 million for luxury community.
Unicorp National Developments sold Zen Luxury Living, a 258-unit suburban multifamily asset, according to Yardi Matrix. As part of the deal, CBRE Global Investors assumed a $36.1 million Allianz loan taken by the seller shortly after delivering the property in early 2017. Located at 9835 Namaste Loop, the community has one- to three-bedroom apartments.