Trammell Crow Sells Orlando Asset for $76M
The 222-unit community was completed last year.
The Praedium Group has bought Winter Park 2, a 222-unit newly developed property in Winter Park, Fla., in the Orlando MSA. The seller of the community, previously named Alexan WP2, was Trammell Crow, and the asset sold for $75.5 million, according to Yardi Matrix data.
The property is located at 741 Clay St., within the Winter Park neighborhood, less than half a mile from Interstate 4, offering direct access to Tampa and Daytona Beach. Winter Park Village, which includes a plethora of retail options, is less than 2 miles away.
Completed last year, Winter Park 2 stands four stories tall and offers luxury finishes, including quartz countertops in kitchens and bathrooms, stainless steel appliances, washers and dryers, vinyl plank flooring and keyless entry. Common-area amenities include a pool, lounge seating and cabanas, courtyard fireside retreats, an outdoor gaming area, a sun terrace, a coworking lounge, a fitness center, a clubroom, bike repair storage, enclosed pet park and pet wash station.
The Florida factor
The buyer was interested in Winter Park 2, which is located in a growing area, due to its high-end amenities and accessible location, less than 10 minutes from downtown Orlando and 5 minutes from Orlando’s Health Village, as mentioned by Christopher Hughes, principal at The Praedium Group, in a prepared statement.
The Praedium Group is no stranger to Florida, owning more than 1,500 units across several markets, including Fort Lauderdale, Jacksonville and the Southwest Florida Coast. Last year, the company acquired a 312-unit Miami-area property from Starwood for $63.7 million. Praedium owns another Orlando-area property, the 237-unit The Adeline.