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