Another big-ticket deal has taken place within developer Dan Bellow’s master-planned Ravaudage community in Winter Park.
Miami-based real estate investment firm Starwood Capital Group just dropped $86 million to acquire a 278-unit luxury apartment building recently completed by the Bainbridge Companies.
Located near the intersection of N. Orlando Avenue and Lee Road, the apartment project at 1400 Morgan Stanley Ave. features a five-story rental building and parking garage.
Barry Sternlicht’s Starwood Capital Group paid about $309,352 per unit to purchase the development.
The global private investment firm was formed in 1991. Today, it has more than $60 billion of assets under management, according to its website.
According to a press release issued by the Bainbridge Companies, the project welcomed its first residents last month. The developer began pre-leasing efforts in July.
Amenities include a 24-hour fitness center featuring Peloton bikes and a 24-hour, video-monitored mail center with package lockers. Apartments feature modern kitchens, Nest thermostats and up to 12-foot tall ceilings heights.
In 2017, the Bainbridge Companies paid $6.95 million to acquire the 3.22-acre lot where it planned to develop the apartment community it calls Bainbridge Winter Park.
It’s unclear if the development will be renamed. Representatives at Starwood Capital declined to comment on the story.
Earlier this summer, GrowthSpotter reported its sister development, Broadstone at Winter Park, had sold for about $84 million. Black Creek Group, a Denver-based real estate investment manager and development firm, was the buyer. The trade marked its first purchase in the Orlando market.
Broadstone at Winter Park, a 268-unit property at 1305 Morgan Stanley Ave., was sold by a joint venture partnership between multifamily developer Alliance Residential Company and a real estate fund by the Carlyle Group.
It was completed last year and was 85 percent leased at the time of closing. That deal broke down to about $315,112 per unit.
The multifamily apartment buildings sit north of Ravaudage’s restaurant corner, where restaurants Todo Sushi and Miller’s Ale House have locations.
Ravaudage developer Bellows began assembling land for the mixed-use project in 2002, until he eventually amassed about 75 contiguous acres on the northwest corner of Lee Road and N. Orlando Avenue through more than 200 transactions.
Since then, the master-planned Ravaudage community has steadily come into its own.
Projects underway include a four-story 126-room Marriott Springhill Suites at 1127 N. Orlando Ave. and a 102-room Hilton Garden Inn hotel at 1345 Lee Rd., next to the Miller’s Ale House restaurant.
Nearby, a 107-unit senior living community called Watercrest Winter Park is being developed by Watercrest Senior Living Group and Titan Development Real Estate Fund I. The soon-to-be finished project sits on the corner of Glendon Parkway and Bennett Avenue.
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.
