Orlando Multifamily Wrap-Up – November 2020

RKW Residential appoints SVP. Winter Park property trades for $54 million. Here’s our November list of Orlando must-reads.
Futura Nona Cove. Image courtesy of FUTURA and Linkvest Capital

While Orlando’s multifamily market was one of the first in the U.S. to feel the deep impact of the current health crisis, activity is slowly but steadily picking up and the metro saw several headline-grabbing deals take place in November. And while more layoffs have been announced in recent weeks, especially on the leisure and hospitality front, the housing market is nonetheless on its way to recovery. Check out our November selection of Orlando must-knows:

1. DEAL – Taurus Investment acquires community for $65 million.

Montevista at Windermere is a 360-unit property located on 27 acres at 6421 Conroy Road. A partnership between TruAmerica Multifamily and Investcorp sold the asset and Berkadia originated a 10-year, $49.7 million Freddie Mac acquisition loan. Built in 1989, the community comprises one- and two-bedroom apartments ranging between 550 and 1,145 square feet. Common-area amenities includes a swimming pool, fitness studio, tennis court and dog park.

2. FINANCING – Joint venture scores $53 million development loan.

Berkadia originated the HUD mortgage on behalf of FUTURA and Linkvest Capital. The note is set to mature in 2062. Futura at Nona Cove is a 260-unit luxury project located on 17 acres at 19463 Boggy Creek Road. The community is set to comprises studio, one-, two- and three-bedroom units. Planed amenities include a resident lounge, swimming pool and gym. Mark Portrait Construction is the general contractor. Completion is scheduled for 2022.

3. DEAL – Winter Park property trades for $54 million.

Phoenix Realty Group acquired Alvista Winter Park, a 288-unit community, from RADCO Cos. According to Yardi Matrix, the $54.2 million deal was subject to a $38 million loan originated by CIT Bank. Built in 1986, the asset comprises one- and two-bedroom units. Common-area amenities include a fitness center, clubhouse, tennis court, spa, business center and two swimming pools. Located at 3935 Sutton Place Blvd. on 7 acres, Alvista is within 8 miles of downtown Orlando.

4. PEOPLE – RKW Residential appoints new SVP.

Joe Springsteen is set to oversee the management firm’s local portfolio and assist with future expansion plans. Springsteen has two decades of experience and is specialized in operations and portfolio management roles on new construction lease-ups and renovation projects. Before RKW, he served as vice president for Pinnacle, where he managed 17,000 units across Florida. Before that, he was director of operations with Cortland. Springsteen also served as a corporate mergers and acquisitions attorney for General Mills.