Osprey Links at Hunter’s Creek Changes Hands
- Jun 30, 2014
The 424-unit, Class A multifamily apartment community located in south Orlando is now the property of Milestone Apartments REIT as a result of a $50.7 million transaction announced recently by the investment trust. An affiliate of The Milestone Group LLC was part-owner in the joint venture that sold the property, possessing a minority interest in the enterprise.
As part of the purchase consideration, the REIT is assuming approximately US$26.1 million in debt at a fixed rate of 4.57 percent maturing on January 1, 2018. The remaining US$24.6 million of the purchase price was funded using proceeds from the REIT’s recent equity bought deal financing and from the refinancing of its US$228.6 million mortgage debt facility, both completed in April 2014.
Built in 1996, the property is part of the 4,000-acre Hunter’s Creek community. Osprey Links features 29 acres and offers access to the master planned development’s “A” rated public elementary, middle and high schools as well as to an abundance of parks and recreational amenities, such as the Hunter’s Creek Golf Course. Its location is also proximate to several dining, shopping and entertainment venues. The area has some of the city’s largest employers like Walt Disney World, Orlando International Airport, the Osceola County / City of Kissimmee Government Center, and Lake Nona’s Medical City. Sixteen different floor plans are available from 855 to 1,623 square feet and up to three bedrooms.
The average monthly in-place rent at Osprey Links is $1,063 per apartment and 96 percent of the units are currently occupied.
Photo credits: Milestone Apartments