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Highlighted in blue are 8.34 acres making up the Shoreview at Baldwin Park apartments, located southeast of Baldwin Park's Lake Susannah, and northeast of the Orlando Executive Airport.
Highlighted in blue are 8.34 acres making up the Shoreview at Baldwin Park apartments, located southeast of Baldwin Park's Lake Susannah, and northeast of the Orlando Executive Airport. (Orange County Property Appraiser)

A Brooklyn-based multifamily investment group paid $14.1 million last week to enter the Orlando market, buying 184 apartments across two neighboring properties southeast of Baldwin Park.

Located at 1001 Shoreview Dr., the 160-unit Palms at Shoreview apartments were acquired, along with the neighboring 24-unit Outrigger Apartments at 5533 Lehigh Ave.

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The sale closed on Dec. 21, and was recorded Thursday in Orange County. The property was rebranded last week as Shoreview at Baldwin Park, with Meadow Wood Property Company brought in to manage.

The buyer was an affiliate of NorthEnd Equities LLC, a developer and investor of value-add multifamily housing.

Learn which CRE investment group increased its local footprint, who introduced them to the property, and which seller divested.

NorthEnd Equities' current portfolio list online includes commercial properties mainly in New York City and New Jersey, and a dozen apartment properties totaling more than 2,700 units across New York City and Washington, D.C., with one property in Ocala, Florida. This would be its first commercial asset in Orlando.

The seller was Focus Outrigger LLC, an affiliate of American Focus Fund LLC, itself an affiliate of The Focus Group out of La Jolla, California. It previously paid $5.94 million for the two properties in 2011.

NorthEnd Equities and The Focus Group did not respond to requests for comment on Thursday.

NorthEnd Equities' buyer affiliate sourced a $10.575 million loan from Capital One Multifamily Finance out of Maryland to help finance the deal.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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