Two big investment firms just picked up recently completed apartment complexes in Orange County, fronting bills that top the $70 million and $80 million thresholds.
The first big apartment sale took place in Winter Garden’s fast-growing Horizon West neighborhood in west Orange County.
BET Investments, a company created by one of the original founders of the luxury homebuilding company, Toll Brothers, dropped a little more than $80 million for Boyd Development’s LakeWalk at Hamlin apartment complex.
The deal for the 316-unit complex at 14012 Shoreside Way breaks down to about $253,560 per apartment. According to a deed recorded in Orange County, the sale took place earlier this month.
JLL’s Denny St. Romain and Jubeen Vaghefi represented the sellers in the deal.
LakeWalk at Hamlin was recently completed next to where Boyd is finishing up its Hamlin Town Center mixed-use project, anchored by Publix and Walmart.
The town center will include a 20,000-square-foot food hall, a 45,000-square-foot office building with retail and restaurant space on its first floor and a 125-room hotel, among other commercial buildings, once complete.
The lakefront retail portion also features Orlando’s first 10-screen luxury theater Cinépolis.
LakeWalk at Hamlin sits on the northern shoreline of Lake Hancock. Features include a pool overlooking the lake, fire pit and seating areas, grillings areas, a yoga and meditation room, game room and a clubhouse.
It was the first development set out by Boyd as part of its roughly 1,000-acre Hamlin master-planned community, Boyd partner Ken Kupp told GrowthSpotter.
The complex was nearly 100 percent occupied at the time of the sale.
Across the development, Boyd recently broke ground on its Lodge at Hamlin apartment complex. Plans call for 250 units on the shores of Lake Hartley, just north of New Independence Parkway.
“Over time we anticipate to build two to three more multifamily projects in Hamlin in addition to the Lodge,” Kupp said.
Boyd began acquiring the land for its Hamlin project in 2011. Since then, the firm has amassed more than 1,000 acres of land surrounding the SR 429 (Western Beltway) and the New Independence Parkway interchange.
Closer to Orlando, the 293-unit Maitland Station apartment community was picked up by an entity tied to Nashville-based Nicol Investment Company.
The family real estate investment firm focuses on the acquisition and development of multifamily properties throughout the southeast.
It paid exactly $73 million for the apartment complex at 955 N. Orlando Ave., according to a deed filed in Orange County last week. The deal pencils down to about $250,000 per unit.
Luxury apartment developer Epoch Residential was the seller and developer of the transit-oriented community, which got its name thanks to its proximity to the Maitland SunRail station.
The company spent about $5.2 million acquiring the three-parcel property in 2016.
JLL’s Brett Moss and Elliott Throne represented the seller.
The complex features a pool, outdoor summer kitchen with gas grills, a fitness facility, game room, a private conference room, business center and pet park with washing stations.
Epoch sold a similar transit-oriented development in Lake Mary in 2015 for $35 million. The developer had completed the 200-unit Station House Apartments just two years prior before trading the development.
In Winter Park, the company is under contract to buy land formerly occupied by the Aloma United Methodist Church, and plans to transform the property into a 241-unit garden-style family community.
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.
