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Camden purchases 420 East apartments for $89M-plus from developer Jefferson

Camden purchases 420 East apartments for $89M-plus from developer Jefferson
Jefferson Apartment Group sold 420 East, a 299-unit luxury apartment building located at 420 East Church Street in downtown Orlando for more than $89 million to Camden Property Trust. (Jefferson Apartment Group)

A Church Street apartment building has changed hands for $89.275 million today, according to seller Jefferson Apartment Group, which continues to look for new opportunities in Metro Orlando as well according to a company official.

The 299-unit 420 East complex, nine stories high with 7,200 square feet of retail, was built in 2016 as a joint venture between JAG and AIG on 18.3 acres a block from Lake Eola Park.  Amenities include pool with spa and gathering areas, concierge, lounge, meeting rooms, fitness center and an art gallery.

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Buyer Camden Property Trust in April also bought the neighboring 520 complex while in development by JAG.

Partner James Duncan of JAG said his company held 420 East for four years and remains committed to the Orlando area, with two properties currently in the works – including 262 units in Dr. Phillips and 380 units for which entitlements are being sought in a yet to be announced location.

"We've been in Orlando for almost eight years now, and it's home base for all our Florida operations, so clearly being based there we've been active in a number of assets here," Duncan said. "... In addition to the development pipeline, we're also actively trying to acquire assets in Orlando and other broader markets in Florida."

Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller.

"420 East compares favorably with the very best assets in the Southeast and across the country," said Wickham, noting the property's walkability because of its central location.

JAG's plans in Dr. Phillips involve another amenity-laden property called Azul Sand Lake Vista, on 24.5 acres off Turkey Lake Road with a pair of five-story buildings on Boo Boo Lake in the tourism corridor.

LRK Architects is the designer at Azul, with civil engineer Poulos & Bennett and landscape architect Dix Hite + Partners also contributing.  A contractor has not yet been chosen, Duncan said.

The April sale on a co-development basis of the 520 project included 364 units in a 12-story building that will carry the Camden flag and include approximately 6,500 square feet of retail that Camden will manage. Balfour Beatty Construction is general contractor.

Have a tip about Central Florida development? Contact me at bzimmerman@growthspotter.com, (407) 420-5427 or @zmediaworks. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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