Virginia-based commercial real estate investors Harbor Group International paid $64.5 million on Monday for its third multifamily property in Greater Orlando bought in the past 18 months.
Located at 7261 Crossroads Garden Drive, the 314-unit former Alexan Crossroads apartments anchors a main 12.73-acre parcel, based directly south of the intersection of World Center and S. International drives.
Harbor Group made the purchase through three separate investment affiliates, and sourced a $41.925 million mortgage from New York Life Insurance Company, arranged by Berkadia South Florida. The fixed-rate loan carries a five-year term with two one-year extension options, and three years as interest only.
The sale included adjacent stormwater retention parcels and a future right-of-way strip to be dedicated to Orange County.
Harbor Group already rebranded the property on Tuesday as Linden Crossroads, and has its own management affiliate on site.
The seller was an affiliate of Trammell Crow Residential, which built the development in 2016 wit four garden-style apartment buildings of three and four stories.
Harbor Group shifted its investment focus in early 2017 to newly-built multifamily in growth markets, and re-entered the Greater Orlando market in June 2017 with a Maitland acquisition, followed by a November purchase near Orlando's Audubon Park.
The company was moving away from a Class B multifamily market that has overheated, and focused on newer product with better buy propositions directly from developers.