Multi-Family Residential Developments

Newly completed apartments in Horizon West and Kissimmee among the most recent sales

Sonceto was the first of three multifamily communities from Epoch Residential in Kissimmee's Flora Ridge Planned Development.

Four Orlando-area apartment communities transacted last week for a combined value of $327 million.

Texas-based ApexOne Investment Partners paid $77.256 million for the Sonceto apartments in Kissimmee, which were completed last year by Epoch Residential. The deal breaks down to about $261,000 per unit, according to Chris Chadbourne, senior director of investment sales for Walker & Dunlop.


The 296-unit community was the first of three Epoch is building within the Flora Ridge Planned Development, just south of The LOOP shopping center. The project features a pool and clubhouse with fitness center and cardio studio. Other amenities include community wifi, digital package storage and valet trash service.

The developer also built the active adult Calisrosa Kissimmee community, with 152 units in phase 1 and its own amenity center. Epoch still has entitlements for 48 more units in Calirosa plus a third phase in Flora Ridge, which could be either an assisted living home or another 292 apartments.


Walker & Dunlap brokered the sale of Sonceto and provided financing in the form of a balloon mortgage.

Another recently completed apartment community to trade hands includes the 354-unit Ascend Waterleigh community in Horizon West.

According to a deed recorded in Orange County, a split-interest with ties to the Charleston-South Carolina investment management company dropped $91.6 million, or about $258,760 per unit, for the multifamily community at 10091 Tuller Loop.

The deal was financed with the backing of a $73.28 million loan from Greystone.

DHI Communities, the commercial arm of D.R.Horton, completed Ascend Waterleigh earlier this year. The garden-style apartment community consists of 14, 3-story buildings situated on about 21 acres on the northeast corner of Waterway Passage Drive and Avalon Road.

Amenities include a large fitness center with a yoga room and spin room, a heated saltwater pool with lounge chairs and cabanas, BBQ grilling stations, fire pits, and dog park with a wash station.

D.R. Horton's DHI Communities completed Ascend Waterleigh in Horizon West in 2020 and sold it 97% leased.

“Ascend Waterleigh was an excellent opportunity for our group to expand our portfolio in the Orlando MSA,” said Dan Handford, Managing Partner of “The asset’s quality construction and location made it one of the premier investment opportunities in the market. The Orlando MSA was one of the top investment markets prior to the COVID-19 pandemic and is rapidly making its way back to the top with strong job gains and overall population growth that is significantly greater than national averages.”

The apartment complex was 90% occupied by April.


Orlando’s MetroWest neighborhood also saw a high-price multifamily transaction.

The Milestone Group, a Dallas, Texas-based private real estate investment management firm, just sold its 280-unit Summit at MetroWest apartment community at 6500 Metrowest Blvd. for $59.5 million.

Boston, Massachusetts-based Taurus Investment Holdings is the buyer. The deal for the apartment complex breaks down to $212,500 per unit. The Milestone Group paid $26.8 million for the property in 2015.

Taurus Investment Holdings scored a $48 million loan to finance the deal from the Canadian Imperial Bank of Commerce.

The Summit at MetroWest community, built in 1991, sits directly across the Windsor at MetroCenter business center. Amenities include a swimming pool with sundeck seating and a fitness center.

The Milestone Group recently closed its fifth multifamily-focused fund with capital commitments of $750 million, according to a news release. The fund is expected to invest $2 billion into acquiring multifamily assets throughout the United States, with a focus in the Sunbelt and Mid-Atlantic.


Just this week, New York-based private equity firm Investcorp paid $99 million for a large garden-style apartment community in Ocoee.

ARIUM Lakeview, a 522-unit multifamily development at 1024 Vizcaya Lakes Rd. sold for about $190,000 per unit. Records show the property previously sold in 2013 for $34.8 million.

American Landmark Apartments, the seller, took control of the 52-acre property in 2017 as part of a deal with Starwood Capital Group.

According to online marketing material, ARIUM Lakevue was renovated prior to the deal.

One- and two-bedroom units feature oversized closets, refinished countertops and backsplash, private patios and balconies with views of the 19-acre Lake Lotta. The community features two resort-style pools, a fitness center, a business lounge and a community dock.

According to its website, Investcorp’s global real estate investments have totaled over $20 billion across more than 850 properties in the US, Europe and India.


EDITOR’S NOTE: An earlier version of this article posted a lower sale price for Sonceto Apartments based on public records. The sales broker confirmed the higher sale price.

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