Black Creek Group, a Denver-based real estate investment manager and development firm, just made its Orlando market entry with a whopping $84.45 million purchase of a recently completed apartment project in Winter Park.
Broadstone at Winter Park, a 268-unit property at 1305 Morgan Stanley Ave., was 85 percent leased at the time of closing. The deal breaks down to about $315,112 per unit.
A joint venture between multifamily developer Alliance Residential Company and a real estate fund by the Carlyle Group was the seller. The JV paid $6.7 million for the 2.3-acre site, which sits within developer Dan Bellow’s master-planned Ravaudage community, in 2016.
The apartment building and adjacent parking garage were completed last year. Alliance and Carlyle sourced a $40.11 million construction loan from Citizens Bank of Pennsylvania to help finance the project.
BCG bought the multifamily site through its investment platform, Black Creek Diversified Property Fund — a net asset value real estate investment trust that owns and operates market-rate commercial real estate across the industrial, office, retail and multifamily sectors. The fund holds 49 properties totaling 8.2 million square feet and is currently 92 percent leased.
Broadstone at Winter Park is a Class A multifamily project with modern features that include a pet washing station, several car charging stations and digital package services and controlled access. Amenities consists of a fitness center, clubhouse, resort-style swimming pool and roof terrace.
Brian Moulder and Chris Chadbourne at Walker & Dunlop helped broker the deal.
Ravaudage developer Bellows began assembling land for mixed-use project in 2002. He eventually amassed 73 contiguous acres on the northwest corner of Lee Road and N. Orlando Avenue through more than 200 transactions.
Developers that have landed a spot within the mixed-use community includes the Bainbridge Companies, which bought an adjacent lot next to Broadstone at Winter Park in 2017 for $6.95 million for its 278-unit apartment complex called Bainbridge at Winter Park.
The multifamily apartment buildings lies north of Ravaudage’s restaurant corner, where restaurants Todo Sushi and Miller’s Ale House have locations.