Boca Raton investor Shane Hillsley added to his Orlando-area multifamily holdings this week with a $34.5 million bulk condo purchase in Kissimmee.
The firm acquired 237 units in Legacy Parc, a 320-unit condo conversion community at 1880 Destiny Blvd., across from the Tapestry master-planned community. The acquisition represents a 74-percent ownership of the community and gives Hillsley control of the condo association.
Investment property specialists Shelton Granade, Luke Wickham and Justin Basquill, who left CBRE this month to join Institutional Property Advisors, represented both sides of the Legacy Parc transaction. The seller, Legacy Parc Investors, paid $16 million in 2013 for the properties.
Wickham told GrowthSpotter bulk condo sales tend to be more complicated and attract fewer buyers than apartment complex sales, but this property benefited from its proximity to Kissimmee’s desirable LOOP shopping district.
“The interesting thing about the story is the Kissimmee area has had a nice renaissance around the Loop and Hunter’s Creek area,” Wickham said. “It’s gotten very affluent around there.”
Wickham said Hillsley recognized the emerging professional class that is changing the demographics of the community. “He sees the transition of the market. He’s been investing in Orlando for 15 years or so."
Wickham describes the Legacy Parc community, which was build 30 years ago, as a B+ product in an A- location, so there’s room to do some improvements and realize some rent growth.
Hillsley declined an interview request. The buyer secured a $26 million mortgage from Amerant Bank.