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Multi-Family Residential Developments

Four apartment communities in Orlando sell for a total price of $345 million

Four multifamily communities in the Orlando area have changed hands in recent weeks — with two newer assets in the tourist district selling to separate New York-based investment firms for more than $100 million apiece, while two older properties were bought for a total of $91 million by the same company.

The sale with the highest price tag over the past two weeks is a deal involving the 372-unit Elan Lake Ruby, which opened between S. Apopka Vineland Road and Palm Parkway, south of Lake Ruby, in 2021. The original developer, Charlotte-based Greystar Real Estate Partners, sold the asset for $153.6 million — or $412,768 per unit.

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The buyer is an entity affiliated with New-York based real estate investment firm BlackRock Capital Investment Corporation.

Neither buyer or seller could immediately be reached for comment.

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A deal involving the 266-unit Addison at Lake Bryan, which also opened in 2021 near Disney theme parks, closed on June 17.

The buyer, New York-based real estate investment company American Realty Advisors, paid $101 million — or $380,939 per unit —for the mid-rise apartment community at 12570 Splendid Place, acquiring it from previous owner and developer ContraVest.

Amenities include a central clubhouse, resort-style pool and private covered garage spaces. Apartments feature views of Lake Bryan, which is known to attract water sports enthusiasts. The lake is bordered by at least two other resorts on its west side.

“The property sold as we were wrapping up construction and lease-up of the property,” Joanna Aragones, an executive assistant with ContraVest told GrowthSpotter. “This was quite significant.”

The apartment community had an occupancy rate of 81% at the time of the sale.

Aragones said the company will put capital from the Addison at Lake Bryan sale toward other development projects. She said sitework is underway for the 262-unit Addison Farms in Apopka. That luxury apartment community is going up on about 17 acres at 2828 Hooper Farms Rd.

ContraVest is an active developer in Central Florida. The 323-unit Addison Gateway, located at 7200 N. Frontage Rd., just north of the Orlando International Airport, began leasing this year.

The 277-unit Addison Longwood in Seminole County is expected to open by the winter, according to its website.

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It’s not just newer apartments that are finding sale value in the Orlando market.

An affiliate of South Florida-based RDG Management closed on two value-add apartment communities on June 15, buying the 320-unit Park at Highgate for $52.4 million and the 216-unit Park at Collington for $38.6 million.

The buyer took out a mortgage totaling $35 million from Keybank National Association ahead of the purchases, according to county records.

The Park at Highgate, located at 3024 N Powers Drive, less than a mile from Ridgewood Park Elementary School, opened in 1989.

The Park at Collington, located at 4793 N Pine Hills Road, just southwest of Rosemont Elementary School, opened in 1992.

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Have a tip about Central Florida development? Contact me at (407)-800-1161 or dwyatt@GrowthSpotter.com, or tweet me at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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