The acquisition, projected to close in First Quarter 2016, follows news GrowthSpotter reported Thursday night of Starwood Capital paying a total of $72.09 million through affiliates on Oct. 20 for three other apartment communities in Orange County.
An affiliate of Starwood's Global Opportunity Fund will buy Landmark's ownership interest in 63 apartment communities in the southern United States, which total 19,615 units.
Milestone will take ownership of 4,172 units across 15 properties, and will serve as property manager for the assets that Starwood acquires. Milestone currently owns and operates two apartment communities in Orlando.
The five local properties that Starwood and Milestone will acquire from Landmark include:
- Esplanade, located at 5337 Esplanade Park Circle in Orlando and near Mall at Millenia, a 186-unit property built in 2007 and set on 9.35-acres;
- Landmark at Woodland Trace, located at 1450 Sunshadow Dr. in Casselberry, a 384-unit property on 36 acres;
- Landmark at Stafford Landing, located at 1024 Vizcaya Lakes Road in Ocoee, a 522-unit property built in two phases in 1998 and set across 52 acres;
- Landmark at Lake Ellenor, located at 2100 W. Oak Ridge Road in Orlando, a 296-unit property built in 1973 and set on 27.14 acres;
- Landmark at West Place, located at 753 Sherwood Terrace Dr. in Orlando, a 342-unit property built in 2002 and set on 23.36 acres.
The West Place apartments property is located at the corner of W. Colonial Drive and N. Apopka Vineland Road, just east of Ocoee city limits and directly across the street from the Woodridge and Woodhill apartment properties that Starwood Capital acquired on Tuesday of last week in separate transactions.