An affiliate of Atlanta-based multifamily investor M. Banks Realty Partners paid $50.4 million on Wednesday for the 288-unit Savannah at Park Central apartments, and the seller now seeks new investment opportunities in Greater Orlando.
Located at 2691 Charleston Town Place, northeast of the intersection of S. John Young Parkway and Americana Boulevard, the 15-acre property is part of the vast Park Central Condominiums which incorporates multiple condo and townhouse projects on what was formally a 450-acre golf course.
Marvin R. Banks, Jr., oversees a multifamily real estate investment platform that's been valued publicly at more than $300 million in recent years, and his firm is a subsidiary of Sage Equities, a real estate investment firm backed by Uzi Ziv.
The seller was Park Central Five LLC, a joint venture of multifamily developer The Bainbridge Companies and New Jersey-based private equity manager and real estate investment group Blue Granite Partners LLC, which held a majority stake in the entity.
Those partners previously paid $3.8 million in 2004 for the property's 15 acres, and proceeded to built the garden-style community in 2007 with six three-story buildings.
"This sale was a portfolio decision for us, the property performed well and we had a really good relationship with Bainbridge as manager," Blue Granite's Neil Rackoff told GrowthSpotter. "We'd love to have more in Central Florida, but right now I don't have any plans for the proceeds (of this sale). We do have another project with Bainbridge in Tampa, and those guys are really just top-shelf partners."
In addition to being open to new multifamily development partnerships, Blue Granite favors value-add acquisition opportunities for its portfolio in the coming year, Rackoff added.
The buyer sourced a $35.175 million loan from Grandbridge Real Estate Capital in Charlotte to help finance the acquisition.
First Communities Management was brought in this week to assume management of the property.
Bainbridge has a bevy of new multifamily projects in various stages of development across Greater Orlando, including 288 units west of Lake Nona, 322 units off S. International Drive, 296 units along Maitland's Lake Shadow, and 278 units at the 73-acre Ravaudage property in Winter Park.