The SteelHouse apartment building in downtown Orlando’s North Quarter neighborhood just traded hands for $68.25 million.
According to a deed filed in Orange County Wednesday, the buyer is an entity tied to the Austin, Texas-based private equity and real estate investment management firm Cypress Real Estate Advisors.
Developed by Atlanta-based Pollack Shores in 2013, the 326-unit multifamily property at 750 N. Orange Ave. sold for about $209,355 per apartment. CBRE Orlando brokered the deal. A representative at the company was not immediately able to comment.
The seller, an affiliate of the Chicago-based financial services firm, Mesirow Financial, bought the asset from Pollack Shores for $59 million the same year it was built.
Mesirow handles investment management, securities, and investment banking insurance services, according to its website. The company has $27.9 billion in assets under management as of December, and has offices in New York, Miami, San Francisco, London and Hong Kong.
Last year in June, Mesirow closed on a $567 million equity fund that will have the capacity to buy as much as $1.6 billion in real estate. At the time it was announced the company said it would focus on multifamily properties in need of repositioning or renovation.
CREA, on the other hand, focuses on real estate investment, development, management and construction. Since opening its doors in 1995, its principals have invested more than $2.5 billion in capital across the United States.
Its most recent acquisition gives the company control of about 4.8 acres of land just off I-4 on the corner of North Orange Avenue and West Colonial.
Apartments at the complex feature quartz and granite countertops, floating vanities, tall ceilings and washer/dryer appliances. Amenities include a pool with grilling areas and poolside fire pits.
Residents at SteelHouse also have access to the Orlando Urban Trail, a 2.6 mile stretch that weaves through Lake Formosa reaching Mead Botanical Garden from Lake Ivanhoe Park and vice versa.
The deal takes place at a time when Downtown Orlando is ripe with new construction promising new gleaming towers offering a mix of retail, office, apartment and hotel uses.
Property Markets Group has permit approvals for X Orlando, a nearly 900-unit tri-tower at 434 N. Orange Ave. The mixed-use, transit-oriented project also includes 120,000 square feet of retail-commercial -- including 35,000 square feet of co-working space.
Less than a mile south of SteelHouse, Miami-based MEC Development Associates is developing Zoi House, a 41-story mixed-use tower at 434 N. Orange Ave. The project (poised to be the city's tallest skyscraper) is proposed to bring 300 apartments and up to 140,000 square feet of office and commercial space.
Overlooking Lake Eola, construction is underway on Banner Real Estate Group’s 13-story Radius Apartments at 112 E. Livingston St. The first units at the 389-unit luxury apartment tower are slated to be delivered by 2020.
And Tremont Realty Capital is building its 25-story mixed-use Church Street Plaza at 225 S. Garland Ave. with development partner Lincoln Property Company. The mixed-use project will boast 214,800 square feet of office space anchored by SunTrust, 8,200 square feet of ground-level retail and a 180-key Marriott flag AC Hotel on its top floors.