Luxury multifamily investment sales during the month of August took place in Orlando’s tourism corridor, near the University of Central Florida, downtown Orlando and Kissimmee.
When added together sales totaled a little more than $295 million with the highest price paid for a multifamily community taking place near the theme parks and attractions in Orlando.
Records show Wood Partners sold its Alta Headwaters, now called Luma Headwaters, apartment community at 4000 Headwaters Way for $95.5 million. The deal for the 328-unit complex breaks down to about $291,160 per apartment. Wood Partners built the community in 2019.
The buyer was real estate investment trust Safehold Inc., based in New York City. Records show Safehold bought the property and simultaneously entered into a ground lease with national real estate investment firm Waypoint Residential as the tenant.
Luma Headwaters is located on the headwaters of the Everglades, near a number of luxury resorts including the JW Marriott Grande Lakes and The Ritz-Carlton Orlando Grande Lakes resorts. Amenities include a large pool with sundeck and private cabanas, 24-hour fitness center, and clubhouse and game lounge.
The second-highest price paid for a multifamily property during the month of August was the $71 million sale of the EoS Apartments near the University of Central Florida.
Records show Carter Multifamily paid about $240,000 per apartment for the 296-unit community at 12221 E. Colonial Drive. The seller, New Jersey-based Raia Properties Corporation, paid $52 million for the EOS Apartments in 2016.
The midrise complex was built in 2015 by Catalyst Development Partners. It sits on 12.75 acres just northwest of the Colonial Drive and S.R. 408 interchange. Humphreys & Partners designed the complex, which is built around four distinct courtyards featuring a resort-style pool, hammock haven, grilling station and zen garden.
The third highest-priced transaction for a luxury multifamily community in Central Florida took place in downtown Orlando.
Central Station on Orange, a 279-unit luxury multifamily project at 60 W Amelia St., sold for $65.3 million.
Records show fund affiliate of UBS Realty Investors sold the 6-story apartment building to American Landmark Apartments, a fast-growing multifamily owner-operator in the United States.
The deal breaks down to $234,050 per apartment. Amenities at Central Station on Orange include a two-story fitness center, a virtual training studio with spin bikes and cardio equipment, a rooftop deck, an outdoor grilling area, an outdoor movie area, a tech lounge, a private pet park and spa, a clubroom with a kitchen, and a coffee bar and TV lounge.
Ground-floor retailers located in the mixed-use building include salad bowl restaurant greenbeat, Dunkin, 7-Eleven and a nail salon.
The fourth apartment deal took place across from the Tupperware SunRail Station in Kissimmee.
San Mateo Crossing, a 352-unit, luxury, garden-style apartment community at 1245 Pacifica Dr. sold for $64.2 million, according to records. Nearly 100% of the units at the transit-oriented development were occupied at the time of the sale, according to a news release about the acquisition.
The buyer was a joint venture between Apex One Investment Partners, a Houston-based investment manager, and Balfour Beatty Communities, an owner/operator of multifamily properties headquartered in Philadelphia.
The JV partnership financed the deal with a $66 million three-year bridge loan from Walton Street Capital.
Palm Beach Gardens-based Eastwind Development and Miami-based commercial real estate firm Aztec Group were the developers and sellers.
Berkadia Institutional Solutions, powered by Moran, arranged the sale. Brett Moss, Matt Wilcox, Tyler Swidler of Berkadia Orlando represented the sellers. Aaron Cardwell of Berkadia Phoenix arranged acquisition financing on behalf of the buyer.
San Mateo Crossing, built in 2019, offers one-, two-, and three-bedroom apartments ranging from 664 square feet up to 1,272 square feet. The community, designed by Forum Architecture, includes a resort-style pool, fitness center, theater room, outdoor kitchen, media and game room, a business center and a gated bark park.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
