Starwood Capital Sells 432-Unit Orlando Community
- Dec 20, 2017
Starwood Capital Group has sold a 432-unit community in the affluent Winter Park area of Orlando, Fla. Shelton Granade, Luke Wickham and Justin Basquill of CBRE led the team that arranged the transaction on behalf of the seller. A Massachusetts-based multifamily owner/operator bought the two-story building, located at 5 Autumn Breeze Way.
The 428,432-square-foot Winter Park Commons features one-, two- and three-bedroom units. According to Yardi Matrix, the property is 93 percent occupied. Interior amenities include washers, dryers, Wi-Fi, individual air conditioning and electric heating.
Common area amenities include:
- fitness center
- tennis court
- three swimming pools
- laundry facilities
- 850 covered parking spaces
- private balconies
Winter Park Memorial Hospital, Winter Park Village retail center, Rollins College, Baldwin Park, Maitland Center office park, FullSail University, the Central Florida Research Park, the Quadrangle office park and the Winter Park SunRail train station are all nearby. Residents also have access to well-known public schools and high-end shopping and dining opportunities.
“Winter Park Commons presented an incredible investment opportunity and generated tremendous interest in the market due to its upside potential and location,” said Granade, vice chairman at CBRE, in a prepared statement. “The infill location provides easy access to nearby employment centers and demand drivers, and new ownership intends to make significant interior and amenity upgrades to continue to drive NOI.”
In September, CBRE completed the sale of the Fairways of Carolina, a 208-unit luxury multifamily community on the Carolina Club golf course in Margate, Fla.
Image courtesy of CBRE