Crescent Central Station sale closes for $60.5M to fund managed by UBS

In a sale projected since late 2014, one of downtown Orlando's newest apartment communities, the 279-unit Crescent Central Station, sold for $60.5 million on Dec. 31 to an affiliate fund advised by UBS Realty Investors, according to Orange County records. 

Crescent Communities first announced it was selling the Orlando Crescent Central Station development in October 2014, before it was even built, in a nine-property portfolio deal (2,667 units overall) worth $700 million to a fund advised by UBS Global Asset Management.

Crescent remains as manager of the property, and this was the last property in that portfolio deal to close its sale.  

Located at 480 N. Orange Ave., directly across from the Orange County Courthouse, Crescent Central has been open for tenants since November of last year. The sale price equates to $216,845 per unit. 

Original developer RIDA Development Corp. had bought this 1.85-acre site in April 2008 along with the 3.57-acre undeveloped lot to its south for $15.1 million, all as one parcel. The property was subdivided in the years that followed, with the 1.85-acre site sold to Crescent Communities in May 2013 for $5 million.

RIDA took ownership of the ground-floor retail component of Crescent Central Station Phase I in August 2015 for $1.395 million, and is managing the leasing of that space. 

RIDA unloaded the last piece of its 2008 investment on Dec. 30, selling the 3.57-acre undeveloped tract directly south of Crescent Central Station for $10 million to an affiliate of Miami-based developer Midtown Opportunities.

With that sale and the May 2013 sale to Crescent Communities, RIDA appears to have broken even on its original 2008 acquisition price. 

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