Eastwind Development has sold its age-restricted Monterey Pointe apartment near The LOOP for $29.5 million.
Eastwind Development has sold its age-restricted Monterey Pointe apartment near The LOOP for $29.5 million. (Eastwind Development)

One of the busiest multifamily developers in Kissimmee's LOOP/Tupperware submarket has sold an active-adult apartment complex to a national real estate investment firm for $29.5 million.

Palm Beach Gardens-based Eastwind Development and co-developer Index Investment Group built the four-story, class A Monterey Pointe community in 2016 just off John Young Parkway, south of Hunter's Creek. Eastwind Vice President Ron Roan told GrowthSpotter the age-restricted community was 98 percent occupied at time of sale.

Advertisement

"There was an extremely strong response in the market for this property," Roan said. "It was very sought-after, both for groups that specialize in senior housing and other apartment investors."

Two Kissimmee apartment complexes sell for combined $90M

Learn more about the buyers that snatched up multifamily assets.

Eastwind built the 150-unit complex shortly after completing Sonoma Pointe, also located in the LOOP submarket. It sold Sonoma Pointe last summer for $40 million.

CBRE's Shelton Granade, Luke Wickham and Justin Basquill brokered the Monterey Pointe sale and represented both seller and buyer.

Washington D.C.-based The Carlyle Group ,which also has multifamily investments in Orlando's Ravaudage community, purchased the asset through one of its real estate funds.

The Carlyle Group is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 multi-manager investment funds. That includes six funds focused on U.S.-based real estate assets like this.

UPDATED: Eastwind closes on Phase 1 apts site near Tupperware SunRail, plans new unit type

Hear from the developer on their timeline for the first of two phases on this Kissimmee product, and what type of new apartment unit they'll introduce.

Eastwind breaks ground this month on Phase 1 of San Mateo Crossing, its first Transit-Oriented Development complex across from the Tupperware SunRail station. All three of the development sites were purchased from Tupperware subsidiary Deerfield Land Corp.

"We feel like it's a very desirable location in the Orlando market," Roan said. "We've been fortunate to forge a good relationship with Tupperware, the seller on all three of the properties."

EDITOR'S NOTE: This story was updated to add the name of co-developer Index Investment Group.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Advertisement
Advertisement
Advertisement