One of the world’s largest private equity firms continues to invest in Greater Orlando.
According to a deed recently filed in Orange County, an affiliate of New York-based Blackstone Group just picked up the Amara at MetroWest apartment complex in MetroWest for $72.8 million. The deal for the 411-unit complex at 6168 Raleigh St. breaks down to about $177,130 per unit.
The seller is a divided interest split between entities ROC III Amara LLC, BP Chateau Amara LLC and BP McDonnell Amara LLC — all of which are tied to Salt Lake City-based Bridge Investment Group.
The rental community previously sold for $51.4 million in 2015. A representative for Bridge was not immediately available to comment.
Built in 1997, the garden-style community along Raleigh Street sits on about 20 acres of land just north of Valencia College West. The 411 units range from one to four bedrooms. Features include a clubhouse with a media lounge, two swimming pools, a 24-hour fitness center, tennis court and outdoor barbecue grills with picnic areas.
Across the street, Bridge owns a 456-unit apartment complex at 6101 Raleigh St. called Indigo West, which the firm paid $49.5 million for in 2017. At the time, Russ Minnick, president of acquisitions and dispositions, told GrowthSpotter the company would pour capital into improving the complex. Renovations included adding a new dog park and upgrading its community center, swimming pool and playground.
The buyer, Blackstone, is a private equity firm with roughly $512 billion in assets under management. The latest deal follows a string of big-ticket purchases by the company this year throughout the Orlando market.
In March, GrowthSpotter reported Blackstone paid $70.75 million for a 338-unit apartment complex called Integra Cove. The area is known for its tourism, thanks its proximity to major attractions like SeaWorld.
Last month, the firm also picked up the Courtney at Universal Boulevard apartments for $77.7 million. The 355-unit apartment community was recently developed and sold by ContraVest, a luxury multi-family developer, builder and manager based in Altamonte Springs. The apartments sit within the I-Drive District, where entertainment facilities like Topgolf and Andretti Karting have recently opened.
The MetroWest submarket, on the other hand, hasn’t received much new apartment inventory in the past decade, but it is near major employers like Valencia College and Universal Studios.
One of the only remaining plots of vacant land with multifamily potential was picked up by RISE: A Real Estate Company in April. The company paid $10.6 million for about 20 acres of undeveloped land on the northwest corner of Raleigh Street and South Kirkman Road, and is planing to build a new luxury apartment complex called West Vue.
Just across the site, Equinox Development Properties recently completed the Kirkman Station shopping plaza, which is anchored by a two-story, 38,000-square-foot 24 Hour Fitness. Other tenants include a Bravo Supermarket, Wawa fuel service and convenience store and an Arby’s quick-service restaurant.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
