Eaton Vance REIG affiliate pays $56.5M for Aqua at Millenia apartments

Bob Moser
GrowthSpotter

An affiliate of Boston-based Eaton Vance Investment Managers paid $56.5 million on Tuesday for the 329-unit Aqua at Millenia apartments.

Located at 5451 Millenia Lakes Blvd., the 8.23-acre property has five mid-rise apartment buildings of four stories each, and structured parking. Built in 2009 and designed by Charlan Brock Associates, the property was envisioned for young professionals and service sector residents, with a unit count dominated by one-bedrooms that range from 661 to 1,285 square feet. 

The sale reflected a price per unit of $171,732. Greystar was retained as property manager by the new owner. 

Eaton Vance declined to comment Wednesday on the acquisition. Its Real Estate Investment Group (REIG) is behind the LLC affiliate buyer, formed on behalf of an unnamed foreign client.

The REIG oversees the real estate portfolios of a series of private equity funds sponsored by Eaton Vance. It favors conventional Class A and B multifamily, particularly garden-style and mid-rise suburban communities, per its investment criteria online. It seeks assets built in 1995 or newer, with general low operating risk and sale value of $15 million or more. 

It does not acquire non market-rate, student housing or senior housing multifamily. The REIG focuses on primary and secondary U.S. markets, and also looks for institutional-quality commercial properties or ground leases worth $50 million or more. 

The seller was an affiliate of Orlando-based Schrimsher Properties, an original developer of the 400-acre Mall at Millenia property. Steve Schrimsher also declined to comment on the deal, citing a non-disclosure agreement. 

Shelton Granade of CBRE was listing agent on the property. 

The firm is currently a joint venture partner with Boyd Development on the 150-acre lakefront Hamlin Town Center in Horizon West, at the interchange of S.R. 429 and New Independence Parkway.

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.

Copyright © 2019, GrowthSpotter
70°