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NJ investment group buys 2nd Orlando apartment complex for $52M

NJ investment group buys 2nd Orlando apartment complex for $52M
New Jersey-based RAIA Properties paid $52 million Monday for the EOS Apartments, which were built in 2015. (Grey Street Studios)

New Jersey-based Raia Properties Corporation expanded its Orlando-area portfolio on Monday, paying $52 million for the EOS Apartments near UCF.

The Class A midrise complex was built in 2015 by the seller, Atlanta-based Catalyst Development Partners. It sits on 12.75 acres just northwest of the Colonial Drive/ S.R.408 interchange.

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Humphreys & Partners designed the 296-unit complex, which is built around four distinct courtyards featuring a resort style pool, hammock haven, grilling station or "zen garden."

The pet-friendly complex has a private salon for residents and their pets.
The pet-friendly complex has a private salon for residents and their pets. (Grey Street Studios)

Other amenities include a pet boutique, entertainment lounge, fitness center and "two custom designed caves with media zones."

EOS Orlando is next to a Publix-anchored shopping center at the Colonial Drive - S.R. 408 interchange.
EOS Orlando is next to a Publix-anchored shopping center at the Colonial Drive - S.R. 408 interchange. (Orange County Property Appraiser)

It's Raia's second Orlando-market acquisition. The family-owned company last year purchased the Casa Mirella apartments in Windermere for $50 million.

Raia divided the ownership among three of its Florida-based investment funds and borrowed $33.8 million from Insurance Stategy Funding Corp. LLC, a subsidiary of J.P. Morgan Asset Management.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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