Lantower Residential, a Dallas-based real estate investment company, paid $74.7 million for the Alta Grande apartment complex in South Orlando, according to a deed signed Thursday in Orange County.
The seller was Alta Grande Apartments L.P., an affiliate of Atlanta-based Wood Partners. Wood Partners finished building the complex in 2018 and leased it up quickly. More than 98 percent of the apartments were leased at the time of this week’s sale.
Wood Partners was represented in the sale by Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield’s Florida multifamily team.
Ballard told GrowthSpotter Alta Grande’s location was a main factor in the high price paid by Lantower. Across the street are two high-end hotels: the 1,000-room J.W. Marriott, Grande Lakes; and the 528-room Ritz-Carlton Orlando, Grande Lakes.
Also nearby is the 650,000-square-foot national headquarters for Darden Restaurants, parent company for Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze and other restaurants.
The apartments, located on John Young Parkway, just south of State Road 528, are within a 15-minute drive of 155,000 jobs, Ballard said.
“That is a hook for any investor to buy a deal like this,” Ballard said. “Job growth is what’s driving the apartment business today. That represents 12 percent of the entire workforce of Orlando.”
The 10-building, 314-unit, luxury multifamily community is located on a 13.6-acre site at 3512 Grande Reserve Way. The complex includes an integrated clubhouse and nine garage buildings. Apartments come in one-, two- and three-bedroom models with an average size of 969 square feet.
The apartments feature high-end furnishing such as wood-style laminate flooring, under-cabinet lighting, granite countertops, stainless steel appliances and kitchen islands with USB outlets. Each apartment has a private balcony or patio, full-size washers and dryers, walk-in closets and garden tubs with rain shower heads.
Amenities include a leash-free pet park with a dog-washing station, a putting green, a fire pit, bocce ball court, 24-hour fitness center with yoga room, an outdoor kitchen with pizza oven and beer tap, a saltwater swimming pool with poolside cabanas and a game room.
The sale marked the fourth multifamily acquisition in the Orlando market by Lantower, a subsidiary of H&R REIT. The company’s other communities in this area are Lantower Grande Pines, Mirabella at Waterford Lakes and Tortuga Bay at Waterford, all in Orlando.
Lantower’s chief operations officer, Philippe Lapointe, told GrowthSpotter in November 2017 that the company was “bullish” on the Orlando market, based on the “breadth and depth of the economy” here.
Lapointe also said at that time that the company’s future acquisitions would be assets built in the last 10 years. Alta Grande was built and opened in 2018. Lapointe could not be reached Friday afternoon.
Lantower Residential, formed in 2014, is a vertically integrated real estate company generating value for investors by managing a portfolio of multifamily communities. The company concentrates on Class A assets in high-growth, Sunbelt markets.
Wood Partners is a national real estate company that acquires, develops, constructs and manages multifamily communities. The company has been involved in the acquisition and development of more than 75,000 multifamily homes with a combined capitalization of more than $13.1 billion.