Middleburg Communities, in a joint venture with Stockbridge, has acquired Indigo Champions Ridge, a Class A 300-unit community in Davenport, Fla., a suburb of Orlando. The previous owners were Red Clay Development Partners and Atlantic Residential, Yardi Matrix data shows, and were represented by Berkadia in this transaction.
According to Polk County records, the bank provided a $59.3 million acquisition loan, and the community sold for $100.5 million. Adam Bieber of Bellwether Enterprise structured the joint venture and the financing of the deal, which was provided by Synovus Bank. Middleburg Communities will take over management, operations and leasing responsibilities.
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Completed this year, Indigo Champions Ridge is located on 18 acres, includes 10 three-story buildings and encompasses one-, two- and three-bedroom apartments, averaging 1,038 square feet. Interiors feature granite countertops, stainless steel kitchen appliances, large closets, hardwood floors, tile backsplashes, washers and dryers, private patios and balconies, among others. Common-area amenities include a swimming pool, a recreation room, a business center, coworking spaces, a media room, a fitness center and a yoga lawn, as well as a barbecue and picnic area.
Located at 1005 Champions Ridge Drive, the property is 28 miles from Orlando and 58 miles from Tampa. The community is situated at the intersection of Ronald Reagan Parkway and Highway 27 and offers access to several major employers, including Disney, Walmart, Amazon, Ford, with Universal Studios only 20 miles away. Dining and retail options are available in the surrounding area, including Denny’s, Waffle House, Target and Best Buy.
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Berkadia’s Orlando and Tampa offices team representing the sellers consisted of Managing Director Brett Moss, Associate Director Tyler Swidler, alongside Senior Managing Directors Cole Whitaker and Matt Mitchell.
Yardi Matrix data shows that Middleburg Communities owns two other properties in Florida, while Stockbridge owns four. Chris Finlay, CEO of Middleburg Communities, stated in prepared remarks that the acquisition of Indigo Champions Ridge is the company’s entry in the Orlando market. Accoring to a recent report, Orlando multifamily performed well in 2021, with investors spending $5.7 billion on rental assets, a new peak for the metro.