Wood Partners Sells Orlando Community for $90M
The transaction was part of a 1031 deal.
Wood Partners has sold Alta Deco, a 297-unit garden-style multifamily community in Orlando, Fla., for $90 million, according to Yardi Matrix.
The transaction was a 1031 deal and the buyer was Salem, Ore.-based Bonaventure Senior Living. Principal Financial Group also aided the purchase with a $49.5 million acquisition loan scheduled to mature in 2032.
The sale comes after Bonaventure Senior Living recently bought The Retreat at Sunset Walk, a 352-unit garden-style complex in Kissimmee, Fla., the same source shows. Encore Capital Management sold the asset for $88.5 million.
In January, the same company purchased Corban Horizon West from Wood Partners. The 348-unit property in Winter Garden, Fla., traded for $109.6 million.
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Multifamily investment volume in Orlando reached $798 million in the first six months of this year, with assets trading at an average per unit price of $249,164, according to Yardi Matrix data. Transaction activity also included the sale of Birchstone Waterleigh, a 300-unit garden-style luxury community, located some 20 miles west of Orlando. A joint venture between Ashcroft Capital, Temerity Strategic Partners and Pearlmark purchased the property from DR Horton.
Community near downtown Orlando
Completed in 2023 at 9505 Axis Way, the pet-friendly community encompasses seven three and four-story buildings across approximately 11 acres. The apartments features one- to three-bedroom floorplans ranging from 625 square feet to 1,271 square feet. The residential units include washers and dryers, patio or balcony in each apartment, as well as keyless entries.
Common-area amenities offer a fitness center and a yoga studio, a business center, a swimming pool with poolside cabanas, a clubhouse, a coffee bar, grilling stations, coworking spaces, a social lounge, a pet spa and a park area.
Alta Deco has access to Interstate 4, U.S. Route 528 and to multiple bus and train stations. Retail options in the area include Walmart, Target and Florida Mall. Orlando International Airport is 8 miles away, downtown Orlando is 12 miles northeast, while Daytona Beach is within 66 miles.
