Taurus Investment Pays $65M for Orlando Apartments
- Nov 16, 2020
Taurus Investment Holdings has completed the $65 million purchase of Montevista at Windermere, a 360-unit community in Orlando, Fla., according to Orange County records. Berkadia originated a 10-year, $49.7 million Freddie Mac loan.
The mortgage carries a variable interest rate with five years of interest-only payments and represents a 75 percent loan-to-value ratio. The Berkadia team included Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins.
A partnership between TruAmerica Multifamily and Investcorp sold Montevista at Windermere. The joint venture acquired the asset for $49.5 million from Electra America in 2017, Yardi Matrix data shows.
Located on 27 acres at 6421 Conroy Road, the community encompasses 25 buildings completed in 1989. The unit mix features one- and two-bedroom apartments ranging between 550 and 1,145 square feet. The amenity package includes a swimming pool, fitness studio, internet café, tennis court and dog park.
Montevista at Windermere is a short distance from the retail corridor situated at the intersection between Conroy and South Kirkman roads. Major employers in the area include Universal Orlando, Lockheed Martin and Orlando Health. Additionally, the community is 8 miles southwest of the city center.
Earlier this month, Investcorp completed the $900 million disposition of an eight-community portfolio. The assets are located in Arizona, California, Florida and New York.