Mexico-based multifamily investment firm HASTA Capital just dropped $150.25 million for the 55 West mixed-use tower in downtown Orlando.
Breit MF 55 West LLC, a company tied to Blackstone, sold the 32-story highrise at 55 W. Church Street after acquiring the property in 2017 for $105 million from TA Realty.
The deal includes the 461-unit apartment tower, an attached parking garage and the commercial portion of the development that is linked by a bridge over Church Street.
The 31,500-square-foot Church Street Market commercial portion features second-floor office space with tenants like Hawkers Corporate, Uproar PR and the offices for Ashton Woods. Mad Cow Theatre also takes up about 8,850 square feet of space on the second floor, but according to recent articles by the Orlando Sentinel the theater company plans to exit by May.
Ground-floor retailers and restaurants include the ax-throwing facility BATL ax, 7-Eleven, Artisan’s Table, Crepes De Licious and Cucina Pizza, according to online marketing material. It’s unclear if all the listed tenants remain. Graffiti Junction and Jersey Mike’s Subs once had locations at the development but closed the stores in recent years.
55 West was originally developed as a condominium in the mid-2000s, but the construction process stalled during the recession. TA Realty’s purchased the unfinished project in 2011 and oversaw the completion of the top four floors. Baker Barrios Architects was the architect.
Features include a rooftop sun deck with a swimming pool overlooking the downtown skyline, a large state-of-the-art health club with a yoga room and a spinning room. 55 West offers studio, one-, two- and three-bedroom options with balconies, work-from-home spaces and modern appliances.
Institutional Property Advisors’ Orlando multifamily team of Shelton Granade, Luke Wickham, and Justin Basquill brokered the deal.
Records show HSC 55 West LLC, the company tied to HASTA Capital, was able to amend and modify the original principal loan amount of $63.6 million and tack on $31.3 million in financing to help acquire the property — yielding a total consolidated balance of $94.9 million from New York Community Bank.
Representatives with HASTA Capital were not immediately available to comment. The company specializes in the development, investment and management of residential multifamily rental assets in the United States and Latin America.
A fair share of large multifamily investment sales have taken place throughout Central Florida.
In late December, a joint venture between Atlanta-based Carroll and Los Angeles-based Pacific Coast Capital Partners (PCCP) paid $179 million for the 672-unit Alexandria Parc Vue apartment community at 10649 Bastille Lane. The JV partners financed the deal with a $138.5 million loan from New York-based Ares Commercial Real Estate Management.
Also in December, the Frankforter Group paid $142 million for The Julian Apartments, a 409-unit apartment project in downtown Orlando’s Creative Village District. The 14-story rental community at 462 N. Terry Ave. sold for almost $350,000 per unit.
The multifamily sector is showing strong demand from investors looking to take advantage of growing rents seen in markets throughout the nation. And according to a new report from real estate data firm Yardi Matrix, the Orlando submarket exhibited some of the strongest rent growth.
On an annual basis, rates increased by 20% or more in six of the top 31 metros. Orlando topped the list along with Miami and Phoenix. San Francisco, Kansas City and the Twin Cities occupied the bottom positions. Year-over-year rent growth in Orlando increased on average by 23.4%, according to the report.
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