Orlando Multifamily Wrap-Up – April 2020
- May 05, 2020
Slowed, but not halted. This characterizes Orlando’s multifamily sector activity in April amidst the coronavirus pandemic. Although a statewide safer-at-home rule came into effect at the start of the month, development kept going with a number of key projects moving forward. The city also continued to attract investors, building off a strong first quarter, with one acquisition topping the $100 million mark. Here’s our selection of April’s must-reads:
1. DEAL – Priderock Capital makes $105 million luxury buy.
The Milestone Group sold The Parkway at Hunter’s Creek, a 496-unit community built in 1997, according to Yardi Matrix data. KeyBank provided the buyer with a 15-year, $78.3 million Freddie Mac acquisition loan. The Class A property at 14200 Colonial Grand Blvd. encompasses one- to three-bedroom units. Amenities include two swimming pools, a fitness center with a virtual training room and a car care center.
2. DEVELOPMENT – Suburban projects take shape.
Boyd Development’s 496-unit Hamlin West at 6301 Avalon Road in Winter Garden is within the 1,000-acre, master-planned Horizon West community. The $96.2 million project could start as soon as the first quarter of 2021, Orlando Business Journal reported. On the other side of the metro, another development, the 780-unit Oxford Place in Casselberry, will be developed by RD Management on the former site of Orlando Jai-Alai. The company will break ground on the first phase later this year, according to Multifamily Executive.
3. DEAL – TA Realty makes $53 million Baldwin Park purchase.
Waypoint Residential sold the 220-unit Enders Place at Baldwin Park in Colonial Town Center, according to Yardi Matrix. The Class A asset last traded in 2012 for $25.1 million. Situated on 9 acres at 4248 New Broad St., the community came online in 2003. The unit mix includes one- to four-bedroom floorplans averaging 1,176 square feet.
4. FINANCING – Berkadia refinances Altamonte Springs property.
Insula Cos. received a $21.9 million Freddie Mac loan for the 168-unit The Edge at Lake Lotus. The 10-year, floating-rate financing includes five years of interest-only payments. According to Yardi Matrix data, Berkadia also originated a $17.3 million loan through Freddie Mac for the same property in early 2019. The Class B community at 569 Little River Loop consists of 10 two- and three-story buildings developed in 1987.