A California-based apartment operator just expanded its Greater Orlando portfolio with a $73 million purchase of a new apartment complex in Winter Garden.
This is the company's second major acquisition in Central Florida. IMT Residential entered the market about a year ago with its $76.6 million purchase of Maitland Pointe Apartments, a 392-unit, 16-building apartment complex at 895 Broadstone Way in Altamonte Springs.
Its most recent purchase of the 340-unit Sonoma Hills community breaks down to $214,705 per apartment. It sits on about 14 acres of land at 14619 Casita Ridge, near the Orange County National Golf Center and Lodge, and just a short distance from Disney World Resort and Universal Studios.
The seller, Rock Harbor Residential, bought the land from Compass Rose, a subsidiary of Walt Disney Company in 2015 for $4.25 million. Neither a representative from Rock Harbor nor IMT was immediately available to comment.
Completed last year, the complex consists of a mix of one-, two- and three-bedroom apartments featuring in-house washer and dryers, granite tabletops and ten-foot ceilings. Residents have access to a slew of amenities including a resort-style pool, fitness studio, cyber café and dog park.
The Boca Raton-based company is a private real estate development firm that builds single-family and multifamily communities throughout Florida and provides planning and designing services for master-planned communities such as the 1,860-acre Avalon Park neighborhood in southeast Orange County.
Winter Park Construction was the general contractor. The complex was designed by architecture firm Richard E. Jones Associates.
Principals Evan Rabinowitz and Richard Phillips founded Rock Harbor in 2010. Prior to co-founding the company, Rabinowitz was a partner at Falcone Group, founded by Art Falcone of Encore Capital Funds. Rabinowitz also served as CEO and president of Falcone Residential Development, the multi-family arm of the organization. Phillips also served as a principal for TOUSA Inc., formerly Transeastern Properties, Inc., which was formed by Falcone in 1988.
The most recent deal is IMT's seventh community in Florida, according to a press release. The company's portfolio also reaches Arizona, Colorado, Georgia, Texas and California.
Another investor betting on the Greater Orlando multifamily market includes Horizon Realty Advisors, which recently invested $64.75 million for its second multifamily asset near the University of Central Florida.