Unicorp National Developments sold its two-year-old Casa Mirella apartment complex in Windermere for $50 million on Monday to New Jersey-based Raia Properties Corp., opting to refocus capital on the more than 1,000 new residential units it's currently developing, CEO Chuck Whittall told GrowthSpotter.
An eco-friendly gated community at the corner of Roberson and Maguire roads, Casa Mirella was a $40 million-development with 216 apartments when it opened in 2013. The property was expanded to 276 units over the past year, with construction completed last month.
Raia owns 12 multi-family properties in the eastern United States, two of which are in North Florida, with this its first in Orlando.
Casa Mirella drew multiple inquiries over the past year from potential buyers, Whittall said. With more than 1,000 new residential units in development or construction by Unicorp at the moment, this $50 million was a good re-deployment of capital, he said.
The property's first phase is 100 percent occupied, and the new 60 units were 78 percent occupied at time of sale. The sale value equates to just over $181,000 per unit.
The 20.94-acre property is composed of two parcels. The smaller 2.72-acre parcel had originally been approved by Orange County for an assisted living facility, but poor market demand for a facility of that limited size led Unicorp to re-purpose the land for more apartments.
Unicorp amended the property's comprehensive plan, planned the 60 new apartments, and Raia went under contract to purchase once Unicorp got its certificate of occupancy for the new buildings this year.
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