Preferred Apartment Communities Makes $62M Orlando-Area Buy
- Dec 28, 2020
Preferred Apartment Communities announced it has purchased a 281-unit luxury apartment community in suburban Orlando, Fla., from Catalyst Development Partners and HQ Capital, for $62.2 million.
Berkadia marketed the property on behalf of the seller. According to Yardi Matrix data, the deal was subject to a $44.4 million Fannie Mae loan, with a due date in January 2030.
The Blake is located at 151 Michael Blake Blvd. in central Winter Springs, Fla., roughly 20 miles northeast of downtown Orlando and near State Road 417. The 8.5-acre site is adjacent to a Publix-anchored retail center, while Spring Hammock Preserve and Lake Jesup are a short distance away.
The community came online in 2019 and offers a unit mix of one-, two- and three-bedroom floorplans, ranging between 698 and 1,374 square feet. Apartments feature 9-foot ceiling heights, gourmet kitchens and balconies/patios in most units. Common-area amenities include a fitness center, business center, clubhouse and swimming pool with fire pit and cabanas.
Managing Directors Matt Wilcox and Brett Moss, Senior Managing Director Cole Whitaker and Associate Tyler Swidler made up the Berkadia team arranging the deal.
Earlier this year, Preferred sold a 887-bed student housing community near the University of North Carolina at Charlotte for $95.3 million. The deal was part of the $479 million, eight-asset portfolio sale representing the REIT’s exit from the student housing market.