Montreal, Québec private real estate investment firm Frankforter Group just dropped $62 million for the Ivy Residences Health Village apartments near downtown Orlando.
The 248-unit apartment community at 2650 Dade Ave. sold for $250,000 per unit. The seller is an entity tied to the national real estate investment firm Passco Companies, based in Irvine, California. The company paid $53.5 million to acquire the Ivy Residences in 2016, about a year after it was built by apartment developer Wood Partners.
The complex takes up two entire city blocks just east of I-4. Features at Ivy Residences Health Village include a resort-style pool with a multi-level deck and cabanas, a 24-hour fitness center, yoga and Pilate’s studio, a cybercafe and a billiards room.
The apartment community is composed of two mid-rise buildings and an integrated parking garage. The apartments, which average 941 square feet. feature granite countertops and stainless steel appliances.
Mattia Piazzano, director of operations at Frankforter Group, told GrowthSpotter the company intends to retain The Altman Companies to manage the property and will spend a small amount improving the common areas and amenities.
Frankforter Group specializes in value-add investments in Canada and in the United States and has been active in the Florida market over the last few years.
Institutional Property Advisors’ Orlando multifamily team of Shelton Granade, Luke Wickham, and Justin Basquill brokered the deal. Daniel Kaweblum with FM Capital arranged $51 million in financing. Records show the lender was Arbor Realty Trust.
Ivy Residences Health Village is part of the 172-acre Health Village campus north of Orlando’s Central Business District. The master plan community is entitled to feature 670 apartment units and a future hotel. Once complete, Health Village will have added 800 more beds to the hospital, 600,000 square feet of medical office space, 100,000 square feet of general office space, and 120,000 square feet of retail shops.
Directly east of Ivy Residences, Wood Partners and Ustler Development are in the middle of building Alta at Health Village, a new 285-unit apartment community. The partners paid $5.65 million for the property in 2019.