An entity tied to the global investment firm KKR just paid about $46.8 million to acquire an apartment complex near Disney’s parks and attractions.
The 252-unit Palms at World Gateway apartments at 9000 Ave. Pointe Circle traded hands for about $185,897 per unit.
The seller is a joint venture between the Carroll Organization and the Bluerock Residential Growth.
The partners bought the property in 2015 for $37 million — meaning the property has increased its value by nearly $10 million in the past four years. Prior to that, the multifamily complex traded hands for about $27.2 million in 2010.
It was developed on a nearly 19-acre lot in 2008 by Owg II Development LLC, an entity linked to Tuscaloosa, Alabama-based Marrow Companies. The company paid about $2.4 million for the property in 2005.
The Palms at World Gateway apartment complex sits within the 840-acre World Gateway Development of Regional Impact (DRI), which has entitlements for up to 5,820 hotel rooms, 240,000 square feet of retail space, 25,000 square feet of restaurant space, 294,216 square feet of office space and 2,064 multifamily/timeshare units.
Other developments within the DRI include the Damai At World Gateway resort, which features 102 townhome short-term rentals, and the 408-unit Camden World Gateway Apartments, developed by Trammell Crow Residential in 2000.
According to the deed, KKR partnered with fund and property manager Carter-Haston Real Estate Services. The company is headquartered in Nashville, Tennessee with regional offices in major cities including Atlanta, Tampa, Charleston, and Dallas.
KKR manages multiple assets valued at $195 billion, according to its website.
Its newly acquired Palms at World Gateway apartment community features recently upgraded one-, two- and three-bedroom units.
Amenities include controlled access gates, a resort-style pool, a sand volleyball court, fitness center, gazebo, dog park and business and media centers. The property also features 140 units with attached garages with direct unit access.
Nearby, master developer Xentury City is has entitlements in place for up to 4,000 hotel rooms, 500 timeshare units and 400,000 square feet of retail space on about 200 acres surrounding the Gaylord Palms Resort and Convention Center.
Last year, GrowthSpotter reported that the developer tapped CBRE’s Robert McEwan to market individual lots within its property on Osceola Parkway and International Drive to potential luxury hotel developers.
Xentury City’s parent company, Xenel, is a billion-dollar multinational corporation based in Jeddah, Saudi Arabia that has dealings in real estate, oil, gas and other industries.
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.