UPDATED: AUGUST 14, 2017 3:08 PM — A pair of Kissimmee apartment communities both located just off John Young Parkway changed hands last week to different buyer groups for nearly $90 million.
Virginia-based Chandler Management Corp. paid $49.5 million on Aug. 8 for the Lake Tivoli Apartments. The 384-unit complex was developed in two phases, with the bulk of the property built in 1990. The second phase was added in 2002.
The gated complex, which is located midway between Kissimmee's two major hospitals, consists of 36 two-and three-story buildings and was 97-percent occupied at the time of sale.
CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction.
The second sale took place in The Hunter's Creek/LOOP submarket. New York-based Bluerock Real Estate paid $40 million on Aug. 9 for Sonoma Pointe apartments.
The Class-A community, located on John Young Parkway across from The LOOP shopping center, was completed in 2015. This is the fifth Central Florida multifamily asset in Bluerock's extensive portfolio.
Bluerock Operations Director Chris Fiscelli said Sonoma Pointe "checked all our boxes" with regard to the quality of the development and its proximity to employers, shopping and dining. The complex has 216 units and was 94-percent leased at the time of the sale.
"This community is new, but it leased up rather quickly, and it's performing really well," Fiscelli told GrowthSpotter on Monday. "We really like Orlando and the Kissimmee submarket. We like that it's near Tupperware, Darden, NeoCity and Lake Nona. And it's easy commuting distance to a wide variety of employment centers in and around Disney."
Winter Park developer Anup Vasisht was the developer and seller of Sonoma Pointe.